GBP/USD: driven by BoE fundamentals - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the pound's downward momentum took a breath this Wednesday, as dollar's weakness helped the GBP/USD pair to recover up to 1.3093, its highest for the week.

Key Quotes:

"The pair, however, turned south and plummeted down to 1.2990, after the US EIA reported a large increase in crude stockpiles in the week ending August 5, with the pair consolidating again around the 1.3000 level ahead of the Asian opening."

"Also, news that the BOE was unable to purchase all of the longer-maturity gilts it attempted to buy from the open market undermined the Pound, although after London's close, the Central Bank stated that they found enough bonds to buy, after coming up short on Tuesday."