Pound may be sold offf

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The British Pound is trading higher for a 6th straight session today as the market awaits the latest interest rate decision from the Bank of England followed by a monitory press conference.

At 11.14am(GMT) the British currency was trading at $1.3238 against its US counterpart, up from $1.3223 in yesterday’s close.

No changes in rates are expected from the BOE today, but investors will pay attention to how many board members vote to raise rates as this may set the stage for a rate hike next time round.

Last  time the central bank met regarding rates, 3 board members voted the lift them and if the number of votes comes in less, the pound may be sold off bringing its winning run to an end

 “With likely only two members to vote to raise rates after MPC Member Kristin Forbes’ departure, the risk may be to the downside for the pound unless the Bank is more hawkish than expected.” Noted Alexandra Russell-Oliver, currency markets analyst at Caxton

The BoE seems set to keep policy on hold given recent slower wage growth and modest economic growth. While inflation remains well above the Bank’s 2% target rate, it unexpectedly slowed in June. She added

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