GBP/USD is losing ground as traders react to BoE Interest Rate Decision

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GBP/USD Pulls Back As BoE Leaves Rates Unchanged

GBP/USD is losing ground as traders react to BoE Interest Rate Decision. The Bank of England left the interest rate unchanged at 4.5%, in line with analyst estimates. One member voted for a cut, compared to analyst consensus of 2, so the meeting was more hawkish than analysts expected. However, the BoE decision did not provide support to the pound.

In case GBP/USD manages to settle below the support at 1.2935 – 1.2950, it will head towards the next support level at 1.2810 – 1.2830.

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