GBP/USD through 1.3400 on steady BoE

The sterling met extra buying pressure following the BoE decision today, lifting GBP/USD to fresh highs beyond 1.3400 the figure.

GBP/USD weaker post-BoE

Spot keeps the bid tone intact after the Bank of England left its benchmark rate unchanged at 0.50% at today’s meeting vs. expectations of a 25 bp rate cut. Furthermore, the ‘Old Lady’ has also kept the asset purchase facility at £375 billion, matching expectations.

MPC members have voted 8-1 favouring the current status quo in monetary policy (Vlieghe favoured a rate cut), while most members expect some sort of easing at the August meeting.

GBP/USD levels to consider

As of writing the pair is gaining 1.71% at 1.3371 facing the next resistance at 1.3463 (session high Jul.14) followed by 1.3535 (high Jun.29) and finally 1.3646 (38.2% Fibo of 1.5020-1.2796). On the flip side, the immediate support appears at 1.2851 (low Jul.11) ahead of 1.2797 (20916 low Jul.6).