In a rare move, the MPC required a second round of voting to reach a decision. The initial vote saw four members favor a 25 bp cut, four vote for no change, and one member—BoE's Taylor—supporting a 50 bp cut. Taylor ultimately shifted his vote to 25 bps in the second round, giving the majority needed to implement the reduction.
Deputy Governor Ramsden acknowledged that the persistence of UK inflation has surprised the MPC, noting the role of supply-side constraints and highlighting a wide 2–4% estimate range for the UK’s neutral rate. Other officials echoed concerns about weak activity growth, and downplayed the idea that rising borrowing costs reflect doubts about the BoE’s credibility.
Technically, the GBPUSD extended its bullish momentum today, breaking decisively above the 38.2% retracement of the July 1–August 1 decline at 1.33865 and clearing a key swing area between 1.33607 and 1.3378 (highlighted by green circles on the chart). That zone, previously acting as resistance, has now turned into support following the Bank of England decision. The pair is also moving firmly above its 100-day moving average, currently at 1.33535, marking a significant shift in the near-term technical bias.
Taking a broader look at the daily chart below, the trend for the year before the recent decline from the July 1 high, has been to the upside. The price bottomed in January, and trended higher into July. The more recent price decline below the 100-day moving average put that trend into question, but the low price on the move to the downside since the July 1 high could not reach the 38.2% retracement of the longer term move up from January low.
That failure to extend below the 38.2% retracement kept the buyers in the long-term more in control and in play. The break back above the 100-day moving average yesterday and the run higher today solidified the buyers control.
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about gbpusd runs higher after rate cut buyers are more in control here are the reasons why was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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