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During the May month Bank of England (BOE) monetary policy report, the Governor Andrew Bailey suggestion mildly positive sentiment, which in turn could help suport the GBP/USD pair’s initial run-up.

“Expects the effects on demand to go on for around a year after lockdown.”

“Expects there to be some long-term damage to the capacity of the economy.”

“But in the illustrative scenario, these effects are judged to be relatively small.”

Also Read: BOE: Economic growth to fall sharply in 2H 2020 by 14%

FX implications

GBP/USD remains upbeat around 1.2370 by the press time, just after the comment from BOE’s Bailey. Traders will look for press conference, up for publishing at 09:00 GMT for fresh impulse.