GBP/USD Continuation, EUR/GBP ST Triangle in Play after BoE Inflation Report

British Pound, Forex

The Bank of England is rolling back its economic forecasts for 2014 and 2015, enhancing its recent pivot to less hawkish rhetoric. The cuts to both the growth and inflation forecasts comes after several weeks of disappointing economic data, culminating in UK inflation sitting at a five-year low.

Now, sparked by the BoE’s more dovish tone, several key GBP-crosses are on the verge of breaking out of short-term consolidation patterns.

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