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FxWirePro: GBP/NZD remains weak, eyes 38.2%fib support

• GBP/NZD dipped on Thursday  after the Bank of England decided to keep ‌interest rates on hold

• The Bank ​of England kept interest rates on hold as it waits to see ⁠how the Iran war affects inflation pressures, although the renewal of hostilities prompted ​a third policymaker to back a rate hike.

• BoE policymakers signaled they are prepared to wait for additional inflation data before making further policy adjustments, particularly given recent volatility in oil prices.

• Governor Andrew Bailey reiterated that the central bank has the flexibility to "wait and see" as it assesses incoming economic data.

• Immediate resistance is located at 2.2961 (50%fib), any close above will push the pair towards 2.3116(SMA20).

• Immediate support is seen at 2.2743 (38.2%fib) and break below could take the pair towards 2.2656(Lower BB).

Recommendation: Good to sell around 2.2960 , with stop loss of 2.3000 and target price of 2.2900

 

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