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❗ GBP jumps after Bank of England decision 📈

8:08 AM 5 November 2020

GBPUSD jumps towards 1.2990 after BoE leaves rates unchaged

Bank of England brought forward policy rate announcement from 12:00 am GMT to 7:00 am GMT. It was widely expected that the UK central bank would boost the size of the asset purchase programme but some media outlets hinted that negative rates may be on the table. Announcement showed that the Bank made a unanimous decision to leave rates unchanged at 0.1%. However, asset purchases were increased from 745 billion GBP to 875 billion GBP (exp. 845 billion GBP). GBPUSD jumped from around 1.2940 to 1.2990 on the release.

Meanwhile, US elections remain undecided but it looks increasingly likely that Biden will take over the White House.

GBPUSD jumped towards 1.2990 handle after BoE rate decision. Source: xStation5

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