GBP/USD is reacting positively to a not-so-dovish statement by the BOE and no change in the voting pattern. The fall in sterling was acknowledged by Mark Carney and his colleagues as supportive for the inflation outlook, but this is dependent on a sustained low value and quite tentative in general. Apart from that, the MPC did not provide big news.
So nowadays, in the gloomy mood, no news is good news – allowing the “risk” GBP space to recover. The recovery is limited as the atmosphere is still gloomy.
The Bank of England was expected to leave the rates unchanged. The big question for the immediate response is the voting pattern. And then, the text of the minutes.
GBP/USD traded down to 1.4388 before the release, making a small attempt to rise afterwards, but not moving anywhere fast.