BOE's Bailey is chirping after the central bank kept rates unchanged:
- The jobs not done yet
- Not predicting what next bank rate move will be
- We have got a big job to do yet.
- There is no premature celebration here on inflation falling
- MPC has not had any discussion about cutting bank rate
The vote from the BOE was 5 – 4. So there is no unanimity from the central bankers. Bailey's comments support the close decision.
The GBPUSD is trading at 1.2275. The 61.8% retracement of the 2000 trading range comes in at 1.2314. The low price from the end of May came in at 1.2308. That area remains a key barometer for buyers and sellers going forward technically. Staying below keeps the sellers more control. Moving above and there should be some disappointment on the failed break.
