GBP/USD: The BoE opens the door for the bulls

FXStreet Team FXStreet

GBP/USD has bounced from the lows after the BoE opened the door to more stimulus, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“We are committed to taking action when needed – vowed Andrew Bailey, Governor of the BoE, boosting the pound as more BOE bond-buying means more stimulus from the government, supporting the economy.

“British political analysts assess that minor easing steps will be taken – no big reopening – and that is weighing on sentiment.”

“A terrible figure on the Non-Farm Payrolls report on Friday could boost the safe-haven dollar while a more moderate one would potentially weigh on it. In the meantime, weekly jobless claims for the week ending May 1 are eyed.”

“The US administration has maintained its hard line against China with Trump threatening to break away from the trade deal. Intensifying tensions have supported the greenback, but the mood improved when both sides announced a call next week.”

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FXStreet Team

FXStreet

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