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Hawkish BOE Prompts a Sterling Surge

Hawkish BOE Prompts a Sterling Surge

Jeremy Naylor, Contributor

After a hawkish report and rate decision from the Bank of England, sterling has taken a bit of a lift against a basket of currencies. Here, Jeremy Naylor looks at EUR/GBP and GBP/USD to illustrate the move up in the pound.

The BoE announced that, of the nine members on the Monetary Policy Committee, two voted in favour of a rate rise immediately while the other seven contributed to the statement that the UK central bank should begin looking at the possibility of raising rates sometime in the 'coming months'.

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--- Written by Jeremy Naylor, DailyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.