So over last night, the Bank of England held rates at 0.1% (9-0 vote) which was expected and maintained the APF size at GBP 745bln, while it repeated that it expects asset purchases to be completed 'around the turn of the year' and stands ready to adjust policy as needed. Bank of England stated that risks to the outlook for GDP are judged to be skewed to the downside and the MPC does not intend to tighten the monetary policy until there is clear evidence that large progress is being made in eliminating spare capacity and achieving that 2% inflation target sustainably.
As for the technicals, all moving averages are still pointing higher and the momentum overall has yet to slow down. 1.3250 is the next upside barrier and if momentum is looking to take some minor rest-bite, we could see a revisit of the famous 1.3000 handle relatively soon. For now short term traders could take some minor buying opportunities up into the next key level however for me there are other pairs looking more promising this morning.
Hope everyone has had a prosperous trading week! Let's finish off on a high!
As for the technicals, all moving averages are still pointing higher and the momentum overall has yet to slow down. 1.3250 is the next upside barrier and if momentum is looking to take some minor rest-bite, we could see a revisit of the famous 1.3000 handle relatively soon. For now short term traders could take some minor buying opportunities up into the next key level however for me there are other pairs looking more promising this morning.
Hope everyone has had a prosperous trading week! Let's finish off on a high!