While testifying before the Treasury Committee as part of the Bank of England (BOE) inflation report hearings, Governor Mark Carney said that their worst-case Brexit scenario was less severe than last year’s forecast and added that the worst-case Brexit outcome was now expected to cause a 5.5% drop in the real gross domestic product (GDP) compared to 8% previously estimated.
The GBP/USD pair largely ignored Carney’s comments and is now consolidating its daily gains a little below the 1.22 handle, still adding around 100 pips on the day.
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