BoE increased hugely bond-buying stimulus | 05 نوفمبر 2020

GBPUSD trading plan:

The BoE wary of the risk of a Brexit shock in less than two months' time, raised the size of its asset purchase programme to 895 billion pounds, 50 billion pounds more than expected by most traders. The central bank kept its benchmark Bank Rate at 0.1%, as expected in the poll, while it looks into the feasibility of taking borrowing costs below zero for the first time. The BoE said it expected Britain's economy would shrink by 11% in 2020, more severe than the 9.5% contraction it forecast in August. Gross domestic product was likely to grow by 7.25% in 2021, weaker than a previous forecast of a 9% bounce-back.

Trading recommendation: range 1.2970 -1.3050