| Since the start of this month and in the aftermath of the Brexit vote, the markets have been largely range bound. The British pound went through a brief renaissance in large part because the Bank of England (BoE) held benchmark interest rates unchanged at 0.50 per cent – the markets had been expecting a cut to 0.25 per cent.
Perhaps more surprising was how strongly the bank’s monetary policy committee voted in favour of keeping rates unchanged (8 to 1). This led to a short-term resurgence in the pound, which moved higher against the greenback before finding stiff resistance just below 1.35. Sterling looks to remain entrenched between 1.30 and 1.35 against the greenback...............................................Full Article: Source
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