I mentioned yesterday afternoon that GBP/USD exchange rates were pushing towards $1.50 and after the release of the Bank of England meeting minutes this morning, the currency pair has finally broken back through the $1.50 barrier.
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The move so far this morning has seen the pound gain around a cent against the U.S dollar with the GBP/USD cross climbing from $1.4936 to $1.5046.
This is the highest we have seen GBP/USD exchange rates since the 11th March and means Sterling has now gained over 3% in the last nine days.
GBP/USD graph
What did the Bank of England minutes show?
All nine Monetary Policy Committee (MPC) Members voted in favour of keeping the current benchmark interest rate at 0.5% and its Asset Purchasing Programme on hold for another month, this call as no major surprise and was widely anticipated.
However, all of the MPC members indicated that the next move from the central bank would be to increase interest rates.
This has given the pound a much needed boost, as only a few weeks ago there were some rumours floating around that the BoE were just as likely to cut interest rates in order to combat the UK's falling inflation figure.
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