GBP/USD extends gains after the Bank of England (BoE) left interest rates unchanged. Scotiabank economists analyze the pair’s outlook.
Support at 1.2650
The Bank of England (BoE) maintained its interest rate at 5.25%. Markets have trimmed expectations of BoE easing in the wake of the decision and the Pound is extending its gains. Governor Bailey said there was “still a way to go” on inflation and the vote was split 6-3 in favor of keeping the rate (the dissenters favored an increase).
The pair’s trend is bullish and is strongly supported by signs of uptrend strength in the DMI intraday, daily and weekly signals.
A push above the late November/early December highs targets 1.2850.
Support is at 1.2650.
Source: Fx Street

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