- Analytics
- News and Tools
- Market News
- GBP/USD slides further after expected BoE rate cut – Scotiabank
GBP/USD slides further after expected BoE rate cut – Scotiabank
The Pound Sterling (GBP) slid in the wake of the BoE rate decision, Scotiabank's Chief FX Strategist Shaun Osborne notes.
GBP/USD underperforms on the day
"The policy rate was cut 25bps to 4.50% as expected but two MPC members voted for a 50bps cut—one being Mann, who is typically more hawkish. UK yields have slipped and swaps are pricing in a little more easing risk. BoE Governor Bailey said the Bank would follow a 'gradual and careful approach to reducing rates, however."
"The GBP was trading defensively ahead of the BoE policy decision after the January Construction PMI showed a sharp and unexpected drop back to 48.1. A small improvement on December’s 53.3 reading was forecast."
"GBP has traded softly on the session, easing back under the 40-day MA support (1.2441) to near the 1.24 level. Short-term price action suggests a minor peak at least formed yesterday at 1.2550. Corrective losses are testing support in the mid-1.23s at writing."
© 2000-2025. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
