GBPUSD battles the tide with Bank of England rate hike

Several MPC members have signalled that they would have like to have seen a larger rate hike today from the Bank of England. Inflation is predicted to go into double digits by the end of 2022, and as we saw with the Fed and SNB, the only tool available to a central bank is to cut demand. The Fed is going for a short sharp shock, with only hope, allowing them to avoid a recession. The jury is still out on whether the move by the Fed was bullish for the US dollar. The initial reaction was a weaker greenback and a move higher in the indices and risk assets. This has largely been unwound during the London session. I will wait for the dust to settle and trade the trend-following strategy as there is great potential for some whipsaw moves in the coming sessions. 

For more trading details, please check the hyperlinks with time stamp indicated from the video:

2:52 EUR/GBP

3:12 GBP/USD

7:07 GBP/NZD

7:14 GBP/JPY

7:41 GBP/CHF

8:10 GBP/AUD