Traders bought a few pounds after the BOE MPC Minutes and Inflation Report but the jury is still out 12 May 2016
That rally in GBP was more out of relief that there were no votes for rate cuts than anything else imho.
I didn't see too much so far that was so bullish so we'll have to wait now and see what Carney has to deliver at the presser. Doing whatever necessary/Keeping inflation anchored is as likely to involve rate cuts as it is rate hikes.
I remain a rally seller and once again ForexLive gives you the view from both sides !
GBPUSD currently 1.4460 after failing to breach 1.4500 ( highs of 1.4597), one of the levels highlighted in my preview while EURGBP did dip below 0.7865 but ran into more demand at 0.7850 and now back to 0.7880.
Market expectations are high that Carney will provide some fun and games over the next hour but his need for neutrality should in itself neutralize the impact.
