The USD surged by over 2% against both EUR & GBP after The Federal Reserve raised interest rates by a further 75 basis points last night, the fourth such rate hike in a row. Taking current interest rates in America to 4%.

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The Elliott Wave Theory is a widely used technical analysis technique for predicting forex price changes. The Elliot Wave Theory is based on the idea that market prices often move in waves, each wave having a specific structure.

GBP continues to be vulnerable as we head to The Bank of England’s Friday deadline when they are due to bring their emergency support for bonds to an end.

Sterling slipped to a new two-week trough after Bank of England Governor Andrew Bailey reiterated that the central bank would end its emergency bond-buying program on Friday and told pension fund managers to finish rebalancing their positions within that time frame.

The pound weakened for the fifth day in a row amid fresh signs of trouble in the UK government bond market that forced yet another intervention by the Bank of England.

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