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GBP/USD falls again as Bank of England remains on hold

The Bank of England has just released the outcome of their monetary policy decision. The Bank has decided to hold the key Base rate at 5.25%. The markets had previously expected this to be raised to 5.5%, but in more recent days some market participants had shifted that view, due to the latest UK inflation data coming in below consensus and lower than previously estimated. That said, the chances of another hike today was still being priced at around 70% just ahead of the decision. The voting spilt on this outcome was 5-4 which was a surprise. The GBP/USD had come under pressure ahead of this outcome, hitting a session, and new interim low at 1.2282. However, it was trying to rebound from that just ahead of the decision, as some short term players pared back short GBP positions. The reaction to this outcome has now seen it fall back again and reaching a low of 1.2239 immediately after the decision was announced 

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