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GBP/USD edging lower into BOE decision at 12pm GMT
Over the past couple of hours the Pound has slowly been leaking lower versus the dollar. The GBP/USD has now edged back to test the 1.2900 handle after remaining above that level for most of the morning. The prospect of an expected 0.25% rate cut form the Bank of England in less than one hour now is clearly a driving force behind the move lower. Look, it is not beyond the bounds of imagination; the Bank will do nothing, however unlikely that may seem. Perhaps they might even go harder, with a 0.50% cut- we shall see, but all bets are still on the table. The move lower in the GBP/USD also comes as the EUR/USD repeatedly tried and failed to get above 1.0775 and is now edging back down again. The GBP/USD is currently trading at 1.2904
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