BREAKING: GBP jumps as BoE sees smaller GDP drop this year

Bank of England announced a monetary policy decision at 7:00 am BST. The Bank left rates unchanged and the decision was unanimous. However, British pound caught a bid thanks to a new set of forecasts. BoE expects GDP to contract 9.5% this year against the previous forecast of 14% contraction. However, GDP growth forecast for 2021 was lowered to 9% from previous 15%.

GBPUSD surged above 1.3160 on updated forecasts from Bank of England. Source: xStation5

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