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GBPUSD : Steady After BOE Decision

There is no change in Pound even after the Bank of England kept the monetary policy unchanged. BOE kept the interest rates on hold at their current record low of .5% and its quantitative program at 375 billion pound. Pound is currently trading at multi year highs in the expectation that the bank will hike the rates in early part of next year in response to the strong economic reports indicating strong recovery.

On the daily chart, the pair is following an upward channel trend. A breakout from any of the trend lines will drive the pair to move in the direction of the breakout. As seen in the stochastic oscillator the pair is trading in the overbought zone since a long time so most probably the pair might break the support trend line to decline.