Once again, one MPC member voted for more QE. 8 other voted against it. GBP/USD is now pulling back from a very important line.
Perhaps a more interesting note from the minutes is that the BOE said that the £ rise ‘unwelcome’. Everybody wants a weak currency.
In addition, “”Q4 GDP may fall”, says they see flat near term output.
GBP/USD was already pushing higher before the release of the meeting minutes, trading at 1.6294. 1.63 is a clear resistance line on the charts.
After the release, GBP/USD is falling back a bit. For more lines, see the GBPUSD forecast.
QE4, announced last week in the US, is still weakening the US dollar. The 1.63 line could certainly be broken later on. We have already seen a major breakout in EUR/USD.
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