The Bank of England left the bond purchase program unchanged during the latest MPC meeting, which was quite predictable. The central banks decided to wait for the effect of the previous stimuli.
For reference, July’s decision to increase the bond purchase program up to ₤375bn was support by most MPC members. In such conditions, bond purchases are the most effective weapons, Paul Fisher says.
A week ago, Mervyn King, BoE Governor, said there was no reason to print more money. However, the latest MPC meeting minutes show that for some members this decision wasn’t unquestionable.
Forex.
According to , the British Pound keeps strengthening against the US Dollar. The experts report that GBPUSD is forming wave А(С) or shortened С.
A further rally will probably encounter resistance around 1.5766 and 1.5776. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.5635. (as shown below).
