The Bank of England decided to hold interest rates unchanged at today’s meeting with a number of dissenters to the decision remaining at 2. The Bank cut growth outlook and said that it expects CPI to remain below target until end-2021. However, GBPUSD caught a bid after the decision was announced as there were concerns that BoE may decide to cut rates. Press conference of Governor Carney will start at 12:30 pm GMT.
GBPUSD broke out of its short-term trading range in the aftermath of decision announcement and tested resistance at 38.2% Fibo level of downward move started at the beginning of the year (1.3080). Source: xStation5
