BOEs Bailey is on the wires and to the economy and policy saying:

  • Question of policy restrictiveness is now key.
  • Question is now for how long do we need to be restrictive?
  • World remains more uncertain place than we have been used to.
  • Monetary policy is doing its job.
  • Inflation expectations appear to be well anchored.
  • We have seen limited evidence so far of rising unemployment as a condition to reduce inflation.
  • Concerns about embedding of second-round effects have been reduced

The GBPUSD moved below the high of the swing area between 1.27880 and 1.2800, and back in the "Red Box" that defined the pair for most of the trading going back to December. Staying below 1.2800 keeps the sellers more in control.

GBPUSD is back in the Red Box