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  • GBP/USD staged a modest bounce from two-week lows post-BoE announcement.
  • The BoE left interest rate and Asset Purchase Program unchanged on Thursday.
  • The latest optimism over re-opening of the UK economic extended some support.

The GBP/USD pair finally broke out of its Asian session consolidation phase and spiked to fresh session tops, around the 1.2375 region post-BoE.

The extended its recent rejection slide from the very important 200-day SMA and dropped to two-week lows during the Asian session on Thursday, albeit managed to find some support just ahead of the 1.2300 round-figure mark.

The pair gained some traction and moved back above mid-1.2300s after the Bank of England, as was widely expected, left interest rates and Asset Purchase program unchanged at 0.10% and £645 billion, respectively.

Meanwhile, 2 BoE members voted for £100 billion increase to the QE program. Slightly dovish vote distribution was overshadowed the latest optimism led by the UK PM Boris Johnson’s indication to partially re-open the economy from Monday.

It will not be interesting to see if the pair is able to capitalize on the momentum or runs into some fresh supply at higher levels as traders now look forward to the US Initial Weekly Jobless Claims for a fresh impetus.

Technical levels to watch