BOE Bailey: The jobs not done yet

<p>BOE's Bailey is chirping after the central bank kept rates unchanged:</p><ul><li>The jobs not done yet</li><li>Not predicting what next bank rate move will be</li><li>We have got a big job to do yet.</li><li>There is no premature celebration here on inflation falling</li><li>MPC has not had any discussion about cutting bank rate</li></ul><p>The vote from the BOE was 5 – 4. So there is no unanimity from the central bankers. Bailey's comments support the close decision.</p><p>The GBPUSD is trading at 1.2275. The 61.8% retracement of the 2000 trading range comes in at 1.2314. The low price from the end of May came in at 1.2308. That area remains a key barometer for buyers and sellers going forward technically. Staying below keeps the sellers more control. Moving above and there should be some disappointment on the failed break.</p>

This article was written by Greg Michalowski at www.forexlive.com.