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GBP/USD holding BOE led gains so far today

Yesterday the BOE did exactly as expected here and refused to give any indication of when a shift in monetary policy might be forthcoming. Granted the Bank of England did tweak their statement language to confirm the next move will not be an increase in rates. However, that was not enough to confirm what was stated here several times in recent updates (and before); that the Bank will lag its peers in moving to lower interest rates this year. That outlook was pretty much confirmed by the BOE Governor, Andrew Bailey in his post meeting press conference. So, the GBP/USD rose, helped by a weaker dollar too. The GBP/USD closed in the US last night at 1.2744 and it has not fallen back at all yet today. The range seen so far has been tight though and covered by 1.2742 to 1.2755. Of course the US monthly jobs report might get in the way of further progress later on, but if it does not, the outlook for a push closer to the 1.30 handle could still be in play. The GBP/USD is currently trading at 1.2748 
 

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