BOE’s Bailey is chirping after the central bank kept rates unchanged:
- The jobs not done yet
- Not predicting what next bank rate move will be
- We have got a big job to do yet.
- There is no premature celebration here on inflation falling
- MPC has not had any discussion about cutting bank rate
The vote from the BOE was 5 – 4. So there is no unanimity from the central bankers. Bailey’s comments support the close decision.
The GBPUSD is trading at 1.2275. The 61.8% retracement of the 2000 trading range comes in at 1.2314. The low price from the end of May came in at 1.2308. That area remains a key barometer for buyers and sellers going forward technically. Staying below keeps the sellers more control. Moving above and there should be some disappointment on the failed break.
This article was written by Greg Michalowski at www.forexlive.com. Source