GBPUSD muted after remarks from BoE Pill

Latest comments from BoE Pill failed to affect the British Pound. The Chief economist of the Bank of England opts for a slower rate hike pace and sees risk of overtightening if the present pace maintains.

The MPC will be able to assess data at both the March and May MPC meetings, with the latter benefiting from new BoE forecasts.

In line with the MPC narrative, Tuesday's labour market release indicated that the UK labour market loosened slightly in Q4, however in absolute terms, the labour market remains tight.

GBPUSD pulled back slightly towards the 1.20 mark, however as long as the pair sits above crucial support at 1.1965 another upward impulse may be launched. Source: xStation5