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GBP/USD rises above 1.27 as BOE holds and maintains its hawkish bias

The Bank of England has just decided to leave its key base rate on hold at 5.25%. That outcome was pretty much a forgone conclusion, but of course never a guaranteed one. The statement accompanying the decision, which was 6-3 in favour of leaving rates on hold (as it was last time around) has maintained a hawkish bias. The statement says that policy will need to be restrictive for an extended period of time. The GBP/USD has reacted to this by rising to fresh session highs above 1.27

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