Why the rate hike weakens the pound
Fundamentally, the rate hike will not lift the Pound because the UK's poor economic performance relative to other countries, notably the US and Europe is likely to be exacerbated rather than improved by higher rates.
The long-run technicals have been clear for some time that there is massive resistance to the Pound strengthening against the Dollar from current levels.
Clusters of Fibonacci resistance have created a medium-term top while an emerging bear rising wedge is poised to complete in the short-term, adding yet further bear stimulus to the Pound.
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