The Bank of England's monetary policy decision yesterday saw no change to interest rates. The Monetary Policy Committee voting members also saw the lone dissenter, Ian McCafferty voting to hike rates, leaving the vote count unchanged at 1 - 8. The Bank of England however sounded hawkish in its statement despite revising down forecasts for third quarter GDP to 0.60%. The bank noted that the United Kingdom economy would be able to sustain any potential fallout on account of China's slowdown. The British Pound kept up its rally and looks poised to post a weekly gain close to 1.90% after declining the prior two consecutive weeks. On the daily charts, GBPUSD formed a bullish engulfing candlestick pattern which indicates further momentum to the upside.
Dollar Looking Towards A Weaker Close
Daily Analysis - 11/09/2015