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2022 started positively for the British pound as the upward spiral of its dynamics was unwinded. The pound is redoubling its efforts, resulting in its gains. Analysts expect the pound to consolidate in an uptrend in the near-term prospects.
At the beginning of the week, the pound hit its 3-month high against the greenback. Earlier the GBP/USD pair was trading at 1.3602 amid expectations of a rate hike by the Bank of England and easing fears over the Omicron variant of the coronavirus. The British currency also hit its high against the European currency, reaching its highest level since February 2020. According to analysts' observations, strengthening of the British pound started in mid-December 2021 when the government refused to impose further COVID-19 restrictions.
On Tuesday, January 11, GBP/USD continued its upward trend. The pound attempts with mixed success as sharp price fluctuations contribute to mixed outlooks. On Tuesday morning, the GBP/USD pair traded at 1.3592 and then managed to reach 1.3600, the pound's nearest target level.
In the short-term prospect, investors expect the GBP/USD pair to rise above this level. According to analysts, hitting 1.3600 indicates the pound's enormous potential. A rise to 1.3630 and then to 1.3660 is possible in the near future. On Tuesday, January 11, the GBP/USD pair soared to 1.3615, trying to hold its gains.
Currently, the situation in the market is tense. Traders and investors are expecting the Bank of England to raise interest rates. According to preliminary estimates, the regulator will raise interest rates in February 2022. Analysts at ING Bank believed that markets expected a positive November report on UK GDP with a rise of 0.4%. They noted that the realization of this variant would accelerate the Bank of England's further rate increases in February.
Argentex currency strategists believe that 2022 will be a positive year for the British pound, which entered it with optimism. Argentex experts noted that the market was monitoring the epidemiological situation in the UK and assessing the Brexit consequences. Besides, they stressed that the market was focused on the Bank of England's sentiment in the first quarter of 2022. Notably, until the end of 2021 issues about the UK-EU trade arrangements and trade relations with Northern Ireland remain open. Experts emphasized that this situation persisted after Brexit. The current problems make the pound unstable. However, it aims to hit new levels in 2022.
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