02/02/2023: Real-Time Analysis on GBP/USD

We saw interest rates announcement from the bank of England some hours ago. Price jerked to the support around 1.2300 on the interest rate hike and has been unable to break this area.

Note that this area is former resistance looking at January 13 to January 15 last month, and now it’s acting as support.

Verdict:

The trend is firmly up on the GBP/USD, and we will be taking positions around this support of 1.2300, aiming for new highs.

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