Cable down more than a cent
The pound was on the back foot into the BOE decision but tumbled another cent on the headlines, touching 1.3098 at the lows before bouncing modestly.
The statement removed a line saying more hikes could be needed than markets expect in a dovish signal along with a line saying future increases will be limited and gradual.
It's the first hike in 10 year in the UK but it looks like it will also be the last one for awhile. The signal from the language is toward maybe one hike next year and one hike in 2019.
For cable, support at the October 26 low is 1.3068 along with the October low of 1.3027. If those give way, it might be right back to the August doldrums or worse.
