Pound Gained As The BoE Left Interest Rates At 0.50%

Pound Gained As The BoE Left Interest Rates At 0.50%

For the 24 hours to 23:00 GMT, GBP rose 0.94% against the USD and closed at 1.6164, after the Bank of England left its monetary policy unchanged.

The Monetary Policy Committee of the Bank of England (BoE) headed by Governor, Mervyn King, voted at a meeting to leave the benchmark interest rates at 0.50% in January, the lowest level since the bank was established in 1694 and retained the size of the Quantitative Easing (QE) programme at £375 billion.

In the Asian session, at GMT0400, the pair is trading at 1.6150, with the GBP trading marginally lower from yesterday’s close.

The pair is expected to find support at 1.6045, and a fall through could take it to the next support level of 1.5941. The pair is expected to find its first resistance at 1.6217, and a rise through could take it to the next resistance level of 1.6284.

Investors keenly eye the NIESR GDP estimate data scheduled to be released later today. Industrial and manufacturing production data in the UK are also awaited.