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Bank of England MPC Minutes Unchanged. Cable drifted lower to 1.5603.

Posted by Chris Advincula on Jun 19, 2013 6:14:00 AM

June 19 Tuesday 10:20 GMT

LONDON - The Bank of England MPC minutes vote remain unchanged in June. Monetary Policy member voted unanimously 9-0 to keep the interest rates unchanged at a record low of 0.5%. The three MPC members Mervyn King, Paul Fisher and David Miles once again voted to expand the BOE’s 375 billion pounds QE by 25 billion pounds. The MPC noted the modest improvement in U.K. economic activity in the recent weeks which suggested that the recovery was becoming more established. The rest of the members said that the round of bond purchases conducted last year should continue to provide a boost to activity.

Cable initially rose 10 pips to 1.5667 from 1.5657 on the release of the BOE minutes that showed a 6-3 split against more quantitative easing. However, a second round of selling pushed the rates lower to 1.5603 as the European session progressed. High 1.5668 Low  1.5603.

Supports: 1.5600, 1.5555, 1.5535 1.5520, 1.5500. Resistances: 1.5645, 1.5670, 1.5780, 1.5730, 1.5760.

The 21-day moving average fell from 1.5653 to 1.5618. The 60-day moving average rose from 1.5628 to 1.5643 and eased to 1.5338.


Chris Advincula



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