Sterling pound coin placed on a financial market chart paper
The Bank of England decided to raise interest rates in the U.K. by 50 basis points in its bid to control inflation, but economists around the world agree that this move will take the British economy into a recession faster than expected and more severe.
The British pound fell victim to the British Central Bank’s decision to raise interest rates with the largest jump since 1995, which is expected to drop the pound to 1.20750 and then 1.2030 if it is broken. This pressure brought the pound back to the bearish trend that targets 1.17550 in the medium term and 1.2010 in the near term. Anyway, the hourly curve is targeting 1.2075.
| Support | Resistance |
| 1.2100 | 1.2130 |
| 1.2075 | 1.2170 |
| 1.2037 | 1.2185 |
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