Fundamental Analysis
Bank of England said inflation will hit 11% after raising interest rate to 13 year's high. They also expected that the inflation likely to exceed 11% by October, 2022. Three of the policy makers named Jonathan Haskel, Catherine Mann and Michael Sunders voted to raise the interest rates to 1.5% which could be the biggest rise since 1995. BoE is trying to start battle and fight against this inflation.
Technical Analysis:
If we consider the technical facts, 1.2184 is the nearest support for GBPUSD and 1.2340 is the strongest support for it. Therefore, the market might test 1.2340 as it already tested the nearest support.
ForexLab&Research Trade Idea:
Buy from 1.2260
Stop Loss: 1.21849
TP# 1.2340
Bank of England said inflation will hit 11% after raising interest rate to 13 year's high. They also expected that the inflation likely to exceed 11% by October, 2022. Three of the policy makers named Jonathan Haskel, Catherine Mann and Michael Sunders voted to raise the interest rates to 1.5% which could be the biggest rise since 1995. BoE is trying to start battle and fight against this inflation.
Technical Analysis:
If we consider the technical facts, 1.2184 is the nearest support for GBPUSD and 1.2340 is the strongest support for it. Therefore, the market might test 1.2340 as it already tested the nearest support.
ForexLab&Research Trade Idea:
Buy from 1.2260
Stop Loss: 1.21849
TP# 1.2340