• GBP/NZD edged higher on Wednesday as investors geared up the Bank of England policy meeting.
• The Bank of England is expected to keep interest rates unchanged this week, adopting a cautious approach as it navigates ongoing economic uncertainties.
• Swati Dhingra and Catherine Mann are set to vote for a rate cut on Thursday, while Huw Pill and Megan Greene are expected to support holding rates.
• The decision will rest with five swing voters: Governor Andrew Bailey, Clare Lombardelli, Dave Ramsden, Sarah Breeden, and Alan Taylor.
• Immediate resistance is located at 2.2457(38.2%fib), any close above will push the pair towards 2.2699(23.6%fib).
• Immediate support is seen at 2.2270 (50%fib) and break below could take the pair towards 2.2067(61.8%fib).
Recommendation: Good to buy around 2.2350, with stop loss of 2.2050, and target price of 2.2600
