This mornings MPC minutes reveal that Spencer Dale joins Andrew Sentance and Martin Weale voting to increase interest rates this month. The current rate is at a record low of 0.5 percent, Dale voted for a 25 basis-point increase. Interest rates have been a major focus in the market so far this year after inflation January data showed higher levels and last week it hit 4%. This is a clear indication that tightening may happen sooner. The market immediately reacted and we saw GBPUSD rocket from the 1.6220s up over 50 points. Since the annoucement the pair has come off the highs, from the 1.6265 resistance area, to trade back in this mornings range. Along with the the rest of the market we continue to monitor the actions of the BoE closely. Further Research & Analysis is available at easy-forex

Zoe Fiddes, easy-forex UK Manager