The Monetary Policy Committee (MPC) of the Bank of England voted Thursday to maintain the interest rate unchanged at 0.75 per cent.
This decision was mostly anticipated by the market, even though there were opinions that the central bank might adopt a slightly more accommodative stance, or at least allude to likely future cuts.
The most surprising outcome of the meeting was the fact that only two Committee members voted in favour of reducing the interest rate, which happens for the third consecutive month.
Some earlier projections anticipated three votes to support the notion in January and one day ahead of the finalisation of Brexit. Nevertheless, the MPC judged that adopting a more accommodative stance is not compulsory at the current stage.
Thereby, the slightly more hawkish outlook of the BOE sends indications that the divorce process might undergo more calmly than previously expected.
There are no certainties, and the BOE might still decide to change its stance in the forthcoming months if the situation demands it.
At the current time, however, the situation seems to be improving for the GBP bulls.
The GBPUSD strengthened following the conclusion of BOE’s interest rate meeting and the pair bounced off from the major support level at 1.29900.
It is currently attempting to break out above the major resistance level at 1.31700 in a bid to break the current range environment that was established on the 4H price chart.
GBPUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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