GBPUSD traded sideways after announcement of the BOE rate decision. As expected, the Monetary Policy Committee kept the Bank Rate and stocks of purchased assets unchanged at 0.50% and GBP375bn, respectively. The vote was once again 8-1. No relief rally to be expected for the pair yet. Depressed oil prices might have a negative but not lasting affect on inflation. this puts in jeopardy any near term interest hikes in the UK.
The bias in GBP/USD remains to the downside with the target at 1.4307. B…
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