GBP jumps on the day – Scotiabank

The Pound Sterling (GBP) was steady, holding near session highs on the soft USD ahead of the BoE, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret note.

BoE rate cut vote reveals deeper division

“The BoE cut rates 25bps, as expected but the vote split suggested policymakers are more divided on policy, with four votes for unchanged rates. The Bank repeated that rate cuts needed to be made gradually and carefully. Sterling firmed after the decision. Governor Bailey speaks shortly.”