The outlook for the GBP has improved with the Bank of England staying firm in its view that it expects to raise rates gradually, according to Greg Gibbs, Analyst at Amplifying Global FX Capital. Key Quotes “At this meeting, a third MPC member (Chief Economist Andrew Haldane) joined the two policy hawks that had already voted for hikes at the two previous policy meetings, for a 6 to 3 vote to leave rates unchanged.” “The tone of the statement suggests that the Bank is now poised to hike at its next policy meeting on 2-August. This is 67% priced-in to UK money markets and would be the second hike in the current cycle after the Bank raised rated from the record low 0.25% to 0.50% in November last year.” “The MPC also laid the groundwork for when it might begin to reduce its stock of purchased assets (so-called quantitative tightening). It said, “The MPC now intends not to reduce the stock of purchased assets until Bank Rate reaches around 1.5%, compared to the previous guidance of around 2%. Any reduction in the stock of purchased assets will be conducted at a gradual and predictable pace.“ “At the current pace of hikes (around 9 months apart, if they go ahead and hike on 2 August), it would be more than two years away; not necessarily something that the market will think much about at the moment. At the margin, it might add to a broader sense that major central banks are moving from QE to QT.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin price analysis: BTC/USD bulls blocked by Andrew’s pitchfork as US officials call for vigilance while dealing with cryptos FX Street 5 years The outlook for the GBP has improved with the Bank of England staying firm in its view that it expects to raise rates gradually, according to Greg Gibbs, Analyst at Amplifying Global FX Capital. Key Quotes "At this meeting, a third MPC member (Chief Economist Andrew Haldane) joined the two policy hawks that had already voted for hikes at the two previous policy meetings, for a 6 to 3 vote to leave rates unchanged." "The tone of the statement suggests that the Bank is now poised to hike at its next policy meeting on 2-August. This is 67%… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.