Investing.com – The pound soared to an 8-month high against the U.S. dollar on Thursday, breaking through a key resistance at 1.60 after the Bank of England made no changes to monetary policy.
GBP/USD hit 1.6018 during European afternoon trade, the pair’s highest since February 3; the pair subsequently consolidated at 1.6006, soaring 0.72%.
Cable was likely to find support at 1.5831, Wednesday’s low and resistance at 1.6178, the high of January 29.
Earlier in the day, the BOE kept its benchmark interest rate unchanged at 0.5% for the twentieth consecutive month in October, in a widely expected move. The bank also said it was to maintain the stock of asset purchases financed by the issuance of central bank reserves at GBP 200 billion.
The pound was also up against the euro, with EUR/GBP shedding 0.30% to hit 0.8740.
Also Thursday, official data showed that that manufacturing production in the U.K. rose more-than-expected in August.
GBP/USD hit 1.6018 during European afternoon trade, the pair’s highest since February 3; the pair subsequently consolidated at 1.6006, soaring 0.72%.
Cable was likely to find support at 1.5831, Wednesday’s low and resistance at 1.6178, the high of January 29.
Earlier in the day, the BOE kept its benchmark interest rate unchanged at 0.5% for the twentieth consecutive month in October, in a widely expected move. The bank also said it was to maintain the stock of asset purchases financed by the issuance of central bank reserves at GBP 200 billion.
The pound was also up against the euro, with EUR/GBP shedding 0.30% to hit 0.8740.
Also Thursday, official data showed that that manufacturing production in the U.K. rose more-than-expected in August.