Great Britain Pound Firm After BoE Minutes

The Great Britain pound demonstrated solid performance today even though the minutes of the nation’s central bank policy meeting showed that UK policy makers are rather cautious in their outlook regarding the monetary policy.
The Bank of England released Bank of England of its July meeting, and they showed that the decision to hold interest rates stable was unanimous and “clear cut.” The BoE members were worried that, while the UK economy has been demonstrating strong growth, developments abroad (like the debt crisis in Greece) may be detrimental to the nation’s economy. Yet it looks like market participants did not pay much attention to the comments and continue to hope for an eventual rate hike, leading to a strong rally of sterling during Wednesday’s trading.
GBP/USD soared from 1.5552 to 1.5614 and GBP/JPY climbed from 192.65 to 193.30 as of 12:15 GMT today.

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