Continues to Creep Higher Ahead of BoE Decision

GBP/USD crept higher yesterday, as broad-based USD weakness allowed the rate to register gains, even as Scotland's decision to reimpose lockdown measures in Aberdeen may have provided a source of worry.

• The FT published a piece pointing to a steep increase in the number of people looking for a job in the UK - the largest rise since the GFT, per recruiters who spoke with the newspaper..
• Cable has extended gains this morning and last trades at $1.3126, a dozen pips better off, as USD remains fragile. Bulls would be pleased by a rally above Jul 31 high of $1.3170, which would bring Mar 9 high of $1.3200 into view. Bears keep an eye on Jul 30 low of $1.2945 and a breach of the level would open up the 20-EMA at $1.2877.
• The BoE's MonPol decision takes focus today; check your inboxes for our usual comprehensive preview of the meeting.