The Monetary Policy Committee (MPC) in the UK left the current interest rate of 0.50% unchanged. It also left the Asset Purchase Facility (QE program) at its current level of 375 billion pounds. This was widely expected.
GBP/USD was trading steadily around 1.6080 before the decision. The pair made a quick dip towards 1.6050, but jumped back up. — updates coming
The focus now shifts to the BOE Inflation Report due next week. In the previous quarterly report in August, BOE governor Mervyn King present the forward guidance program.
The pound enjoyed another round of positive data this week, with services PMI showing very strong growth. Technical view: GBP/USD Rebounds from Double Bottom towards Double Top
This decision is overshadowed by the all important decision in the old continent. See the ECB preview: ECB Preview: hints, but no action? 6 scenarios
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