The Bank of England held its monetary policy meeting yesterday and decided to leave rates unchanged at 0.75%. The move was widely expected by the markets. However, the surprise was that there were two dissenting votes in favor of a rate hike. The BoE said that recent developments have reduced the risk of a no-deal Brexit and they expect growth to gradually rise.

GBP/USD Falls Below Support

The currency pair fell after the BoE’s report, slipping below the support level of 1.2856. This comes after the currency pair was consolidating near the support area. However, the lower high forming indicates that the bias is to the downside. The minor support at 1.2810 will be key in the near term. A break down below this level will open the way for GBPUSD to slide towards 1.2582.

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