{"id":69745,"date":"2015-03-18T10:50:03","date_gmt":"2015-03-18T14:50:03","guid":{"rendered":"http:\/\/countingpips.com\/?p=69745"},"modified":"2015-03-18T11:29:54","modified_gmt":"2015-03-18T15:29:54","slug":"sterling-slides-following-dovish-boe-minutes","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/03\/sterling-slides-following-dovish-boe-minutes\/","title":{"rendered":"Sterling Slides Following Dovish BOE Minutes"},"content":{"rendered":"<div id=\"inves-3586938428\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 18, 2015<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By\u00a0<a href=\"http:\/\/fxtimes.com\/\" target=\"_blank\">fxtimes.com<\/a><\/strong><\/p>\n<p><strong>Technical Bias: Bearish<\/strong><\/p>\n<p><strong>Highlights:<\/strong><\/p>\n<ul>\n<li>GBPUSD falls to nearly 5-year lows as BOE votes unanimously to keep rates at record lows.<\/li>\n<li>BOE minutes show growing concerns about a rising British pound and its impact on inflation.<\/li>\n<\/ul>\n<p>The British pound declined sharply on Wednesday, falling to nearly five-year lows following a unanimous decision by the Bank of England to keep interest rates at a record low.<\/p>\n<p>The GBPUSD bottomed out at 1.4630. It would subsequently consolidate at 1.4663, declining more than half a percent. The daily chart indicates a bearish trend, with the next support target situated at 1.4650. On the upside, initial resistance is likely to be found at 1.4823.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.fxtimes.com\/wp-content\/uploads\/2015\/03\/Screenshot-166.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-199303\" src=\"http:\/\/www.fxtimes.com\/wp-content\/uploads\/2015\/03\/Screenshot-166.png\" alt=\"Screenshot (166)\" width=\"743\" height=\"490\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>The pound slipped after the Bank of England\u2019s Monetary Policy Committee voted 9-0 in favour of keeping interest rates at a record low of 0.5 percent and the size of the asset purchase facility at \u00a3375 billion, according to the minutes of the March policy meetings.<\/p><div id=\"inves-2280039792\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>Bank officials expressed concerns about the role of the British pound in keeping inflation levels low. Bank Governor Mark Carney said the continued strength of the UK economy could boost sterling against a basket of trade peers\u2019 currencies.<\/p>\n<p>The sterling effective exchange rate index (ERI) had appreciated by around 2.5 percent during the month, reaching its highest level in more than six years, the minutes said. Most of the gains reflected an appreciation of the pound against the euro.<\/p>\n<p>The risk of a stronger pound complicated deliberations about when to begin increasing interest rates. With annual inflation at just 0.3 percent in January, Bank officials are likely to play it safe for the rest of the year, as the global economy copes with plunging energy prices. The BOE says annual inflation could turn negative by the spring before rebounding in the latter half of the year.<\/p>\n<p>\u201cThere was a risk that divergent monetary policy trends, as well as stronger prospects for growth in the U.K. than in the euro area, might continue to put upward pressure on the sterling exchange rate,\u201d read the minutes of the March policy meetings. \u201cThis had the potential to prolong the period for which inflation would remain below the target and exacerbate the risk that lower expectations of inflation might become more persistent.\u201d<\/p>\n<p><i>For more late-breaking Forex news, currency analysis and investment tools, visit <\/i><a href=\"http:\/\/www.fxtimes.com\/\"><i>http:\/\/www.fxtimes.com<\/i><\/a><i>.<\/i><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0fxtimes.com Technical Bias: Bearish Highlights: GBPUSD falls to nearly 5-year lows as BOE votes unanimously to keep rates at record lows. BOE minutes show growing concerns about a rising British pound and its impact on inflation. The British pound declined sharply on Wednesday, falling to nearly five-year lows following a unanimous decision by the Bank [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-69745","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=69745"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69745\/revisions"}],"predecessor-version":[{"id":69749,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69745\/revisions\/69749"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=69745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=69745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=69745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}