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GBP/USD lifts back towards 1.2800 as Bailey sounds caution on further rate cuts
The Bank of England Governor, Andrew Bailey is in the midst of his post BOE policy decision press conference and his remarks have helped to lift the Pound, versus the dollar and the Euro. Bailey said the decision today was finely balanced, as you can see from the 5-4 voting split. He has further added; that additional rate cuts are far from guaranteed in the future and sounded a cautionary note on inflation. He has further noted; that he does not know how the recent public sector pay rises will be funded. It is obvious though- that means TAX increases are almost certain to come in October. The GBP/USD is just now trading at 1.2798 and as you can now see, this policy was priced in down near 1.2750 as suggested here earlier today
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