Description
⋅ The Bank of England (BoE) maintained a hawkish stance, keeping rates on hold at 5.25%, with votes kept at 3-0-6.
With UK CPI reported at 4.6% in October 2023, the BoE views a longer-term fight to bring inflation back to its target range.
The GBP gained strongly against the USD, with more upside potential as the BoE pushed back against the possibility of rate cuts.
Technicals
Price spiked up from 1.26 following the news, and is currently trading along the resistance area of 1.28 and 61.8% fib retracement level.
Breaking the resistance level, the GBPUSD could trade up towards the next major resistance level and swing point from July 2023 at 1.3140