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British pound bid ahead of the Bank of England report

EURGBP News by Allie Longford on 10:32 February 11, 2015 EST

The pound made a new 7 year high against the Euro earlier this morning, setting the exchange rate at around 0.74. Equally, GBPUSD has entered a phase of consolidation in the 1.50 to 1.53 region.

Tomorrow Thursday BOE's Governor Mark Carney is due to hold a press conference, along with other MPC members on the Inflation Report, in London after its release.

He is likely to highlight the period of low inflation currently being experienced in Europe but no additional measures are expected aside from perhaps hinting to keeping the base interest rate at its present level for longer than anticipated.