GBP/USD remained volatile around 1.27236 as the Bank of England raised interest rates to 5.25% from 0.1% in December 2021, the second major hike in the Bank of England's 329-year history, but as inflation remained above its 2% target Many analysts, economists and financial markets are expecting further rate hikes in the coming months.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart shows that the short-seller momentum quickly reversed and rose after a rapid decline, and there were signs of resistance after the V-shaped rebound.
Resistance levels: 1.27454 1.27617
Support levels: 1.27077 1.26928
Trading strategy: bearish below 1.27300, target 1.27077 1.26928
Alternative strategy: bullish above 1.27300, target 1.27454 1.27617