A hawkish hold by the BOE yesterday took many by surprise. Interest rates and voting pattern were left unchanged, as expected, but the minutes revealed that the majority of MPC saw as likely some withdrawal of monetary stimulus over the coming months, provided that economy continues on its current path.

Having been already in a firm uptrend, GBP/USD took the decision in a stride. It gained almost two cents on the day and so far added a good cent this morning. The pair is currently trading at the highest level since the Brexit vote.

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