Following the Bank of Canada yesterday, the Bank of England left its key benchmark interest rate unchanged at 0.50% on Thursday along with leaving the BoE asset purchase target of 375B GBP unchanged. Traders were not expecting many comments as the central bank continues to leave their options open dependent on incoming data. The statement was limited to information on maturing gilts this month, of those will be reinvested.

GBP/USD 5-Minute Chart

BoE_Leaves_Rates_Unchanged_GBP_Higher__body_Picture_1.png, BoE Leaves Rates Unchanged, GBP Higher

Source: MarketScope

Following the announcement, the GBP/USD pair moved higher by about 50 pips.

Written by Gregory Marks, DailyFX Research Team