GBP/USD Technical Analysis

BOE hiked from 0.10 % to 0.25 %
Bears are still strong
Market should be going down
M L4 possible

Order block
Swing high
Swing low
Entry
Target

BoE December Interest Rate Meeting hike came 0.25% vs 0.10%. Omicron was not enough to place the fear in the BOE members so they decided to hike. Fears of inflation are the reason for a hike.ﾂ Technically the GBP/USD is still bearish and we can expect market to continue running lower. We don't see the hike as bullish as fears of inflation are actually bearish. The entry is 1.3310 zone. Targets are 1.3250 followed by 1.3165 and eventually 1.3018. For 1.3018 we need to see the USD stronger not just weaker GBP.