The Bank of England held its monetary policy meeting on Thursday. The central bank’s MPC voted to keep interest rates unchanged, amid speculation of a rate cut.
There were two dissenting votes in favor of a quarter-point cut to interest rates. The central bank also issued downbeat forecasts as it now expects growth to rise just 0.8% this year.
GBP/USD Jumps on Strong Rebound
The currency pair made strong gains on Thursday, rising sharply in the closing hours. The gains saw price action testing the resistance level of 1.3100. If price action fails to breakout higher, then watch for a possible right shoulder formation of a head and shoulders pattern forming.
The downside support near 1.3000 will come into focus.
