The Bank of England held its monetary policy meeting on Thursday. As widely expected, the central bank left interest rates unchanged at 0.75%. The bank did, however, cut its growth forecasts for the United Kingdom.
Besides the BoE meeting, Scotland’s DUP also formally requested for a Scottish independence referendum, which if approved could lead to a possible exit of Scotland from the United Kingdom.
GBP/USD Extends Below Support
The currency pair continues to extend its declines further. The cable fell below the support area of 1.3100. This now opens the way for further declines to 1.2960 where support is likely to be established. We expect the currency pair to maintain the sideways range within the levels of 1.3100 and 1.2960.
