The Bank of England kept its policy rate unchanged at 4.75%, as expected. The British Pound (GBP) has traded well below the previous session’s highs to settle back below 1.26 in early trading here, notes Shaun Osborne, Chief FX Strategist at Scotiabank.
GBP falls after BoE leaves policy unchanged
“c. The policy statement reaffirmed recent comments from policymakers, noting that a ‘gradual approach’ to future policy cuts was the correct approach. The Bank said it could not commit to when or to what extent it would relax the policy. policy next year. The Pound weakened with the announcement.”
“GBP has traded well below the previous session’s highs to settle back below 1.26 in early trading here. Spot trends are weak and momentum favors further USD gains. Cable appears to be set to test main trend support at 1.2520 shortly. Resistance at 1.2650/60.”
Source: Fx Street
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