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The Biggest Setups On GBP Pairs Today

January 6, 2022
Frank Cabibi

After The BOE's latest announcement of their rate hike, pound (GBP) pairs went flying higher. Some of this has to do with the fact that England is one of the first to tighten their grip on monetary policy while most other countries like the US are only pointing towards rate hikes without actually doing it yet. With that said, here are some of the biggest setups on GBP pairs.

Inflation Control

The December 16 rate hike to .25 from .1% was the first step to keeping their 2% inflation target in sight without getting out of control. The current inflation level is sitting around 5% according to CNBC, which is still pretty high but not too out of control for the Sterling.

Additionally, Endgland is projected to be the fastest recoverer from the pandemic in the G7 countries, more so than the US and Canada.What we may start to see is a sentiment shift from USD and CAD to GBP.

Best Setups on GBP Pairs:

Setups on GBP
GBPAUD

Pound aussie showing significant strength on the daily timeframes price comes up to test a previous top around 1.89000s. Continued momentum looks probable as demand drives up the pair's price for a second test at resistance. A break above this level could push price higher to the 1.90000s.

Setups on GBP
GBPJPY

Pound yen still looks strong on the 1D after pulling back to a steeply rising trend line. Support lies below around the 156 and 155 levels should price move lower. However, if price closes with rejection form today's lows, we may see a continuation to the highs around 158.

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