GBP/USD Continuation, EUR/GBP ST Triangle in Play after BoE Inflation Report
- BoE cuts GDP, CPI forecasts for 2014, 2015.
- GBP-crosses fail to break higher - now looking for confirmed lows.
The Bank of England is rolling back its economic forecasts for 2014 and 2015, enhancing its recent pivot to less hawkish rhetoric. The cuts to both the growth and inflation forecasts comes after several weeks of disappointing economic data, culminating in UK inflation sitting at a five-year low.
--- Written by Christopher Vecchio, Currency Strategist
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