Forex: GBP/USD rockets past 1.5600 after BoE minutes

FXstreet.com (Barcelona) - The Pound has shrugged off previous weakness and, after having dipped to a fresh 3-week low at 1.5500 on Asian trade, the pair has jumped about 100 pips, to return to levels above above 1.5600 after the release of BoE monetary policy minutes.

The Bank of England monetary policy committee agreed by 8 votes to 1 to maintain the Bank Rate at 0.5%, all time low, with Andrew Sentance, voting for a 25 bp rate hike. Furthermore, the committee decided unanimously to maintain its Bonds Purchasing programme unchanged at GBP200 billion.

At the moment, the Pound trades at 1.5610, with next resistance levels at 1.5680/00 (Aug 13/17 highs), and above here, 1.5800 (intra-day level) and 1.5860 (intra-day level). On the downside, support levels lie at 1.5500 (session low), and below here, 1.5470 (Jul 15 high), and 1.5335/45 (Jul 19/21 highs).


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