The price action in the British pound following the rate decision illustrated the market’s confusion on how to interpret the BoE statement. The GBP/USD fluctuated within a 70 pip range for 3 hours before finally collapsing on broad dollar strength. The BoE rate decision must have been a tough one with inflation and growth both major concerns for the central bank. We will not get any further clarity on the tone of the meeting until the minutes are released on April 23rd.