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Anzo Lim

GBP/USD:Bank of England Is Less Likely to Cut Interest Rates

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As Britain’s economy is eventually recovering after the general election at the end of last year, the market’s expectation is the Bank of England won’t lower interest rate after the monetary policy meeting at the end of this month, thus propping up the pound’s exchange rate.


Britain’s Service Industry PMI in December released on Monday indicates steady growth in the service industry, and the central bank is under less pressure to adopt easing monetary policies.


The latest data of the service industry seems to suggest that Boris Johnson’s victory in the election last year has reduced the risk of a no-deal Brexit and boosted confidence of consumers and businesses as well. Should the optimism remains in the following months, the Bank of England will likely hold interest rate at 0.75% unchanged.


At the moment, policymakers of the central bank are still waiting for more economic data to support their final monetary policy decision. Though the recovery of the service sector can help boost the economy, uncertainties continue to weigh on business investment and it’s estimated that Britain’s GDP growth won’t improve much compared with in the last quarter of 2019.


GBP/USD daily pivot points: 1.3120---1.3154


S1 1.3096          R1 1.3212


S2  1.3021         R2  1.3253   


Edited by Anzo Lim

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