Forex: GBP/USD plunges on BoE meeting minutes

FXstreet.com (Barcelona) - The GBP/USD is falling massively at the time of writing as the BoE meeting minutes surprise investors with the 6-3 vote to keep QE unchanged at £375B. Governor King, Fisher and Miles were in favor of an increase of £ 25B. The GBP/USD has fallen by 100 pips already, from 1.5440 to 1.5340.

UK labor data shows a higher ILO unemployment rate from 7.7% to 7.8%. However, there were 12.5K less claimants in January, instead of -5K as expected, pushing the rate lower from 4.8% to 4.7%.

“Near-term focus remains at key supports at 1.5267/33, med-term range lows, with upside being protected at 1.5500/50 and only breaks here would signal pause in current descend, for some corrective action”, wrote Windsor Brokers analyst Slobodan Drvenica.

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