by Chris Becker
The Bank of England (BOE) held its interest rate meeting overnight and disappointed the bullhawks with both a hold, keeping rates steady, but also lowering their growth and inflation forecasts.
The Pound dropped on the announcements, sending Cable (GBPUSD) down over 100 pips to the lower range of its current uptrend channel:
It wasn’t as close as the last meeting with a 6-2 vote to keep rates unchanged at 0.25% with no major changes to its asset purchase program or other stimulatory measures. The key changes were that of the growth forecasts, taking 2017 down to 1.7% from its previous forecast of 1.9% made in May with the 2018 forecast trimmed slightly from 1.7% to 1.6%.
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