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GBP/USD jumps back closer to weekly tops post-BoE

  • BoE MPC votes 7-2 to leaves interest rate unchanged at 0.75%.
  • GBP/USD picked up some pace in following the announcement.

The GBP/USD pair built on its intraday recovery move and spiked over 50 pips, back closer to weekly tops post-BoE announcement.

The pair once again showed some resilience below the key 1.30 psychological mark and reversed an early dip back closer to weekly lows. The uptick got an additional boost after the Bank of England's (BoE) MPC voted 7-2 to leave the interest rate unchanged.

The vote distribution turned out to be relatively more hawkish as compared to market expectations of 6-3 split and provided a goodish lift to the British pound. Meanwhile, the BoE MPC voted unanimously to keep asset purchase facility at £435 billion.

With Thursday's key event out of the way, the market focus now shifts to the long-awaited UK's exit from the European Union on Friday. Any incoming Brexit-related headlines will now play a key role in determining the pair's near-term trajectory.

Later during the early North-American session, the release of the Advance US GDP growth figures for the fourth quarter of 2019 will influence the US dollar price dynamics and looked upon to grab some short-term trading opportunities.

Technical levels to watch

 

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