The GBP/USD pair builds on Friday's solid recovery from a six-week low and gains strong follow-through traction for the second successive day. The momentum lifts spot prices to a two-and-half-week high, around the 1.2170 area during the first half of the European session and is sponsored by the prevalent US Dollar selling bias. From a technical perspective the break above the December 28 highs at 1.2125, the last key lower high in the corrective move down from the December 14 peak, marks an important turning point as it could suggest a reversal higher and that Cable's three-week yuletide correction is at an end. It probably means the medium-term uptrend which started in September has restarted and prices will now continue rising.
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As was widely expected, the UK central bank hiked interest rates for the 10th time in a row, by another 50 bps to 4%, or the highest level since autumn 2008. We are currently +157 pips in profit, a bull flag has formed on the 4HR chart, look for fresh entries to the upside after the flag pattern is broken. There is still time to find a great entry, 800+ pips to TP.
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