• GBP/USD has been trading volatile after the BoE’s decision; stands above 1.2500.
• BoE’s Bailey sounded dovish after stating they would need to lower rates below what’s priced in.
• Thursday’s price action is forming a ‘hammer,’ hinting further upside is seen.

The Pound Sterling erased some of its earlier losses against the US Dollar and edged up by 0.03% after the Bank of England’s (BoE) monetary policy decision. The GBP/USD traded at 1.2503 after hitting a low of 1.2445.

Earlier, the BoE held rates unchanged in a 7-2 split vote, with David Ramsden and Swati Dhingra voting for a quarter of a percentage point. After releasing its monetary policy statement, the BoE hosted a press conference. BoE Governor Andrew Bailey stated the central bank would need to cut rates more than it is currently priced by market rates