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18 Sep 2013
GBP/USD climbed to 1.5960 on BoE
FXstreet.com (Edinburgh) -The GBP/USD extended its bullish momentum to the vicinity of 1.5960 on Wednesday after the BoE published its minutes from the last MPC meeting.
GBP/USD propped by BoE
The minutes informed that no MPC member is seeing the need for further stimulus in the UK economy, reflected in the 9-0 voting pattern to leave the status quo unchanged regarding the lending benchmark and the purchases of Gilts at 0.5% and £375 billion, respectively. In addition, the BoE said the recent higher oil prices could have a temporary effect on UK consumer prices. The central bank also acknowledged the higher UK rate expectations although provided no details on the matter.
GBP/USD relevant levels
As of writing the pair is up 0.33% at 1.5957 with the net resistance at 1.6008 (high Jan.18) followed by 1.6040 (high Jan.17) and then 1.6056 (rising channel top). On the downside, a breach of 1.5886 (low Sep.17) would expose 1.5869 (low Sep.16) and finally 1.5776 (low Sep.12/13).
GBP/USD propped by BoE
The minutes informed that no MPC member is seeing the need for further stimulus in the UK economy, reflected in the 9-0 voting pattern to leave the status quo unchanged regarding the lending benchmark and the purchases of Gilts at 0.5% and £375 billion, respectively. In addition, the BoE said the recent higher oil prices could have a temporary effect on UK consumer prices. The central bank also acknowledged the higher UK rate expectations although provided no details on the matter.
GBP/USD relevant levels
As of writing the pair is up 0.33% at 1.5957 with the net resistance at 1.6008 (high Jan.18) followed by 1.6040 (high Jan.17) and then 1.6056 (rising channel top). On the downside, a breach of 1.5886 (low Sep.17) would expose 1.5869 (low Sep.16) and finally 1.5776 (low Sep.12/13).