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Sterling plunges after BoE meeting

Major currencies remain in positive territory during European trading. Before the open, the Swiss franc was in the red. The British pound followed suit. After the meeting of the Bank of England, the GBPUSD pair slid 90 pips to 1.3890.

At the meeting, the Bank of England’s Monetary Policy Committee kept its base rate at 0.10% and the size of its quantitative easing program unchanged at £895 bln. The central bank’s decision was taken unanimously and came in line with market expectations. The statement showed a dovish tone, as it said that MPC members did not intend to tighten monetary policy until they saw significant progress towards their goals.

The single currency rose to 1.1949 and is currently trading at 1.1934 due to a sharp rise in the EURGBP pair. If US traders get behind the movement in major currencies, EURUSD should still make in up to 1.1955. Since the euro bulls are in command of the EURGBP cross, a leg up to 1.1970 looks possible.  

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