GBP/USD after its strongest day since June on the Daily Chart

gbp-l2GBP/USD (current price: 1.2478)

The Pound gained almost 1.5% compared to the Dollar as the Bank of England changed the outlook for its monetary policies, removing the forecast regarding further rate cuts and other easing measures. The pair was also helped by the surprising court ruling regarding a necessary extra vote about the Brexit, and the better than expected British PMI number.  Cable traded as high as 1. 25 following the hawkish BOE report after re-testing the 1.20 level less than two weeks ago.

Our assessment: The pair might be ready to get back above 1.25 after the BOE meeting, although a better than expected U.S. Employment Report might lead to further downside.


Leave a Reply