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      Forex: GBP/USD hovering over 1.5700 after BoE

      The sterling is orbiting around the key mark at 1.5700 after the BoE left no space for surprises, leaving both the lending benchmark and the asset purchase programme intact at 0.50% and £375 billion, respectively. The decision was broadly in line with market forecasts.

      However, the central bank unexpectedly announced it would reinvest cash flows from Gilts
      maturing in March 2013 and it sees the inflation could remain above the 2.0% target for the next two years. The BoE also informed that it is ready to inject more stimulus into the economy if the situation worsens.

      At the moment, the cross is up 0.24% at 1.5700 and a breakout of 1.5738 (MA10d) would aim for 1.5805 (high Feb.5) and finally 1.5856 (MA21d).
      On the flip side, support levels lie at 1.5630 (low Feb.5) followed by 1.5578 (low Aug.10) and then 1.5573 (low Aug.8).

      European markets higher ahead of ECB, UK stocks down after Carney and BoE

      The German DAX 30 (+0.12%), the French CAC 40 (-0.08%), the Italian FTSE MIB (+0.66%), and the Spanish IBEX 35 (+0.65%) are up ahead of the ECB policy decision and Draghi's press conference, expected to address the liquidity and euro strength issues. “The higher EUR-USD prices are therefore mainly a reflection of increased investor confidence, which Draghi is likely to welcome”, wrote Commerzbank analyst Karpowitz, adding that he will not be prepared to begin a debate about an active exchange rate policy, an absurd proposal.
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      Forex: EUR/GBP edges higher after BoE

      The pound weakened slightly versus most competitors after the Bank of England decided to keep its main interest rate unchanged at 0.5% and the amount of the bond-buying program also steady at £375 billion.
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