Minutes from the Bank of England’s which released today showed that the Monetary Policy Committee voted 8-1 to keep rates on hold.
We can summarize the meeting with these points:
1-The Monetary Policy Committee (MPC) voted by a majority of 8-1 to maintain Bank Rate at 0.5%.
2- One (MPC) member voted for a 0.25% rate hike to reach 0.75%.
3- All 9 members voted for making no changes to the central bank’s £375 billion asset-purchase program.
Here you can read: Monetary Policy Summary
Market Impact: This development was unexpected, as a result, the cable declines, at the moment, the pair trading around 1.5260 levels, immediate support comes at the 1.5259 levels, followed by 1.5223 levels, a reversal is likely, but a cut would open 1.5130 levels.
On the upside, resistance comes at the broken support 1.5308, a break aback above this level will turn focus on the 1.5450/1.5525 levels….