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Yesterday saw the Bank of England confirm the interest rate would stay at (drum roll please) 0.5%, as expected. Many expected a hint towards QE*, but what we actually saw was the aausterity measure being quelled in the medium term. I don’t believe that QE has disappeared completely as it has been such a high topic of conversation in the past few months and if we are to see it return it may be early next year. With GBPUSD hitting rates not seen since January this year and QE not being introduced in the UK I expect levels to be heading towards the 1.70 rather than retracing its steps.

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*Quantitative Easing