GBP/USD – Was BoE as Dovish as Markets Suggest?

“Super Thursday” turned out to be anything but for GBP, with the inflation report sending the currency tumbling to trade half a percentage point lower against the EUR and USD and a full percentage point against JPY.

Senior Market Analyst Craig Erlam discusses whether the moves lower are warranted and what he thinks contributed to the sell-off which came despite the BoE warning that members would need relatively upside news on growth or inflation to consider voting for tighter policy.

Craig takes you through all of the key points from today’s event and gives his analysis on GBPUSD. He also follows up on his analysis of GBPJPY and EURGBP from the Super Thursday Preview video.

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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