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Bank of England hikes above the consensus and GBP/USD spikes to 2023 high.

MarketsFN Team

•1 min read
Bank of England hikes above the consensus and GBP/USD spikes to 2023 high.

For the BoE Monetary Policy summary click here

At its meeting ending on 21 June 2023, the MPC voted by a majority of 7–2 to increase Bank Rate by 0.5 percentage points, to 5%. Two members preferred to maintain Bank Rate at 4.5%.

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The 50bps is above the consensus by 25bps and GBP/USD rallied just after the announcement to test 1.2840, near its 2023 top but retraced below 1.28 at the time of writing.

#Bank of England#Forex#GBP/USD#Interest Rates#technical analysis

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