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. Below lies the 1.4291 May 2010 low and 1.3503 key support level. On the upside, above 1.4537 minor resistance will turn bias neutral and bring consolidations. Look for opportunity to sell from that level.
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