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GBP/USD crumbles after BoE QIR

FXStreet (Córdoba) - The GBP/USD slumped to fresh 2-month lows as soon as the Bank of England Quarterly Inflation Report was released and as Governor Carney speaks.

The GBP/USD initially moved higher and printed a high of 1.6843 only to quickly fall more than 100 pips toward a fresh 2-month low of 1.6724.

The pound plummeted across the board as Carney sounded a lot more dovish than anticipated. Among remarks, he said rates may remain below average beyond the usual forecast horizon and highlighted the MPC has no pre-set course, path of rates will depend on expansion and inflation outlook. He also talked down the sterling, saying the strong currency is weighing on export growth.

The GBP/USD is currently trading at the 1.6730 zone, 0.48% below its opening price. The Cable has almost completed a full retracement of the 1.6692/1.7190 rally which was propelled by expectations the BoE will be the first major central bank to start a hiking cycle early 2015.

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