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GBP/USD looks for support
For the first time since July 2011, the MPC has voted for a change to the current interest rate. This has added to the murky picture that has been painted with the contrasting comments from Bank of England governor Mark Carney over the last couple of weeks, as timelines for change have grown and shrunk on an almost daily basis.
Markets reacted instantly to this release by adding 50 pips to GBP/USD, but subsequently over the next half-hour eroded almost half of those gains.
The balance for change remains delicate and with two members having voted for a raise of interest rates, the chance of it happening before the end of the year is still a possibility – which would have serious consequences to the spending power of the UK population.
In the short term this should halt GBP/USD’s fall but may not be enough to change the trend without the co-operation of some supportive economic data.