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Aug 05 - 08:55 AM

GBP/USD - Rallies On BoE QT News After Dip On 7-1 QE Vote

By Rob Howard  —  Aug 05 - 07:23 AM
  • Cable rallies to 1.3946 on BoE QT news after dip to 1.3903 on 7-1 QE vote

  • BoE to start reducing stock of bonds when policy rate hits 0.5% nS8N2MM035

  • That is 100 bps below BoE's previous guidance (dating back to June 2018)

  • 1.3946 = intra-day high. 1.3873-1.3928 was Ldn am range (pre-BoE MPA)

  • Saunders was lone MPC member who voted to trim BoE QE programme nL1N2PC0KK

  • 1.3957 (Wednesday's high) and 1.3983 are resistance levels beyond 1.3946

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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