GBP/USD: BoE leaves policy on hold – Scotiabank
|The BoE left its policy rate unchanged at 4.75%, as expected. The Pound Sterling (GBP) has traded well off the earlier session highs to edge back under 1.26 in early trade here, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP dips after BoE leaves policy unchanged
“c. The policy statement reaffirmed recent policymakers’ comments, noting that a ‘gradual approach’ to future policy cuts was the right approach. The Bank said it could not commit to when or by how much it would ease policy next year. Sterling weakened on the announcement.”
“GBP has traded well off the earlier session highs to edge back under 1.26 in early trade here. Spot trends are weak and momentum favours more USD gains. Cable looks poised to test major trend support at 1.2520 shortly. Resistance is 1.2650/60.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.