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Saturday, 21 October 20:45 (GMT -05:00)



Foreign exchange market

Forex. GBPUSD: Dollar Drops Versus Pound Amid BOE’s Report


 

According to Masterforex-V Academy, the BOE’s latest report has revealed the fact that the key interest rate remains unchanged at 0,5%. According to the latest survey conducted by Bloomberg, the actual figures happen to have matched the analytic forecast. Therefore, the BOE’s interest rates is still at the all-time low.

 

 

 

 
It should be noted that the key interest rate in the UK has been at the lowest level since March 2009. At that same time, the current interest rate is at the lowest level in the entire history of the Bank of England.
 
Another interesting fact to pay attention to is that the central bank decided to level its asset purchase program unchanged as well.  At this point, it is estimated at 375 billion pounds or 577 billion dollars per month. Essentially, this leads us to believe that the asset purchase program has probably been suspended by the Bank of England, since the central bank ran out of the money allocated for the program back in 2013.
 
Still, economic forecasts hint at positive bias. As for the UK GDP forecast, they have remained positive despite the economic challenges seen in China, which triggered market panic and uncertainty worldwide. The BOE expects the UK GPD to grow by 2,8% and 2,6% in 2015 and 2016 respectively.
 
FOREX

As for GBPUSD, the British Pound is still moving within the same long-term downtrend against the U.S. Dollar despite recent recoveries. According to Masterforex-V Academy, a break below 1.5164 will give way to 1.5099/88, 1.5010, 1.4958, 1.4914/878. At the same time, if GBPUSD does start a rally, it may well encounter resistance around 1.5818 and the top of the descending MF sloping channel.
 

 

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