GBPUSD rebounds after BoE Bailey remarks

5:37 PM 2 February 2023

GBPUSD bounced off daily lows after fresh comments from BoE Governor Bailey, who eased expectations that the central bank is ready to pause or pivot rate hikes, pointing out that there is still some way to go in taming inflation. Bailey told CNBC that the omission of the word “forcefully” from its forward guidance was not a sign that “we’re done.” “I’m not saying that this is it, we’re done, because the world is too uncertain at the moment,” he added.

The British pound faced a noticeable selling pressure after today's BoE rate decisions, as the market got the impression that the UK central bank was preparing for a possible dovish pivot, however a downward move lost some of its steam after Bailey remarks. GBPUSD erased some of the early losses and jumped above local resistance at 1.2285. The question is, whether markets will take Bailey's statement for granted, taking into account the worsening outlook for the British economy?

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GBPUSD, H1 interval. Source: xStation5

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