The Pound could not resist falling. Overview for 07.11.2019

The November meeting of the Bank of England couldn’t stabilize GBPUSD; bearish investors are in majority. 

The British Pound s falling against the USD on Thursday afternoon. The current quote for the instrument is 1.2826.

Another meeting of the Bank of England was over today, where the British regulator left all key aspects of its monetary policy intact. The interest rate remained unchanged at 0.75%. However, two out of nine members voted in favor of cutting the rate and it was quite a surprise. 

So far, everything stays the same, but it is thought that early in 2020 the benchmark rate might be cut as a result of further uncertainty with the Brexit. The deadline for the exiting procedure was extended up to January 31st, 2020, thus making the British Prime Minister Boris Johnson pursue a very prudent monetary policy and avoid jumping to conclusions. No one can know for sure how the country’s economy will behave after the Brexit and what problems appear first. 

Until now, the Bank of England managed to retain the key priorities: stable inflation and policy of non-intervention in economic matters. the regulator didn’t cave in to a wave of rate cuts by global Central Banks, but it seems like it won’t be for long. 

Today’s decisions made by the Bank of England are quite neutral for the Pound, but the national currency better be ready for loose monetary policy in the future.