Forex: GBP/USD rises after BoE leaves policy unchanged

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FXstreet.com (Córdoba) - The pound moved modestly up versus the dollar and printed a fresh daily high after the Bank of England decided to leave its key interest rate and its bond buying program unchanged.

GBP/USD rose to a daily high of 1.5919 right after the decision and currently it is quoting at the 1.5910 area, slightly above its opening price.

From a technical perspective, "Price has been consolidating around it since mid American session yesterday, as market waits for Draghi, but the bullish outlook is quite strong", says Valeria Bednarik, chief analyst at FXstreet.com. "I would expect a break above 1.5933 yesterday's high triggering a continuation rally towards the 1.6000 area and even towards 1.6060".

The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. It also voted to continue with its program of asset purchases totaling £375 billion, financed by the issuance of central bank reserves.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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