What wrong with UK pond?

[olatomiwa.forex]

Prior to February 15th 1971 the British currency system was known as pounds, shillings and pence. In the system used at that time 12 pennies was equal to one shilling and 20 shillings was equal to one pound.

[JEAN]

UK's trade balance better than expected:
Current: -6.589 million Pounds
Previous: -7.315 million Pounds
Previous revised: -6.834 million Pounds.
Consensus: -7.200 million Pounds.

[Pinalli]

Hi all,

Today GBP/USD's rised to as high as 1.5352 in early US session, just inch below mentioned 1.5371 target. At this point, there is no clear sign of topping yet but upside momentum does diminish. Break below 1.5063 will flip intraday bias back to the downside for outer channel support at 1.4619. Note that further break of 1.4395 will indicate that whole rise from 1.3654 has completed. On the upside, however, sustained break of 1.5371 will indicate that stronger rise is underway towards 1.5722 resistance next.

[JEAN]

I am waiting for the BoE's quarterly inflation report. Depending on the results, we could watch some profit taking in the GbpUsd. Despite that, if the pair breaks the 1.5377 resistance, it could stay in the 1.5500 and 1.5800 range

[Enivid]

Originally Posted by JEAN

I am waiting for the BoE's quarterly inflation report. Depending on the results, we could watch some profit taking in the GbpUsd. Despite that, if the pair breaks the 1.5377 resistance, it could stay in the 1.5500 and 1.5800 range

Huh? BoE's quarterly inflation report was released almost 12 hours ago. And you are still waiting for it?

[JEAN]

No, I already have it
I had problems with my internet connection yesterday when posting

[Pinalli]

lol....

Anyways what was there in BOE report? Does anyone analysed it? I got the update that the Bank of England announced that they expect a slower recovery than originally predicted. The BOE revealed that inflation remains below the target level and that suggests that the loose monetary policy of the BOE will remain in effect for now. The figures showed a 4.5% decrease in economic activity for the second quarter and predict an early 2010 recovery. UK interest rates remain at a record low .5% and the British government recently expanded their asset purchasing program to 125 Billion Pounds, however Mervyn King, the BOE Governor said that the recovery will be slow and uncertain, highlighting this by declaring "We may get a recovery that will prove to be sustained and then again we might not."