GBPUSD Multi Time Frame Analysis

The Bank of England has raised the bank rate several times since December 2021 and yet the pound continues to drop against the US dollar. There was a time when a weaker currency would have been welcome as that helps exporters. The rate hikes are supposed to be reducing inflation and currently, the market is punishing the pound every time the bank raises. For the retail traders that are long, the higher time frame analysis is pointing to the 1.2000 big figure and possibly pandemic lows. 

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0:48 GBP/USD