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GBP/USD Bounces Off Post-BoE Low, But Rate Remains Weak

GBP
  • GBP sees immediate downside on the BoE rate decision, putting GBP/USD lower to touch a new November low at $1.1199.
  • The cements the break below the $1.1272 support (Oct 25 low) and narrows the gap with the next notable support of $1.1061 (Oct 21 low).
  • Price have recovered somewhat after the decision, but a sell-on-rallies theme remains evident after the bank's inflation and growth forecasts - running counter to the potential formation of a bull flag formation in recent sessions.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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