BOE view broadly consistent with expectations, a neutral no action. Interestingly and somewhat confusing though was their "If Nov Outlook Broadly Consistent With Aug, Majority Of MPC Expect Further Rate Cut" comment which I am not sure about i.e. Aug data was firm so assuming this continues the BOE will still cut? But either way, looking at their last cut and QE GBP didnt feel the pressure and I expect this to be the same - we will need some USD demand to send GBPUSD below 1.30 for long.
Positioning, I maintain long on GBP dips into 1.31xx, aiming for 1.34. Also tactically, I am looking to short GBPAUD if we can get a daily close in the green - which nicely provides a dynamic hedge for the long STG exposure.
GBPUSD topside also is supported by forming 2 higher highs and 3 higher lows, indicating that infact this uptrend is structural - price action at the 1.345 is pivotal of a bull run.
BOE Minutes:
BOE Sep Minutes: MPC Voted 9-0 to Maintain Bank Rate at 0.25% BOE Sep Minutes: 9 Voted to Keep Rate Unchanged BOE Sep Minutes: 0 Voted to Increase Rate BOE Sep Minutes: 0 Voted to Lower Rate BOE Voted 9 - 0 to Continue Bond Purchase Program BOE: Forbes, McCafferty Voted For Bond Purchases After Dissenting Last Month BOE: Forbes, McCafferty Judged That Reversing QE Carried Economic Costs BOE: Aug Package Led to Greater Than Anticipated Boost to U.K. Asset Prices BOE: Evidence On the Initial Impact of Aug Policy Package Is Encouraging BOE: Since Aug Inflation Report, Number Of Near-Term Activity Indicators Somewhat Stronger Than Expected BOE: MPC Now Expects Less of a Slowing in UK GDP Growth in 2H 2016 BOE: Staff Now Expect 3Q Growth Of 0.3% Vs Aug Forecast Of 0.1% BOE: Contours of U.K. Economic Outlook Following Brexit Vote Had Not Changed BOE: Inflation To Return To 2% Target in 1H 2017 BOE: Housing, Consumption Stronger Than Expected BOE: Since Aug Inflation Report, No New Information Relevant for Longer-Term Prospects of U.K. Economy BOE Sees Business Spending Slowing More Sharply Than Consumer Spending BOE: If Nov Outlook Broadly Consistent With Aug, Majority Of MPC Expect Further Rate Cut