Pound Rallies Against Dollar on £150Bln Bank of England Stimulus

The  sterling pound today rallied against the  dollar after the  Bank of  England decided to  expand its quantitative easing programme by  more than expected. The  dollar’s overall weakness also boosted the  GBP/USD currency pair’s rally as  vote-counting in  the  US Presidential elections showed Biden maintaining his lead.
The  GBP/USD currency pair today rallied from a  low of  1.2938 during the  Asian session to  a  high of  1.3109 during the  early American session and  was near these highs at  the  time of  writing.
The  currency pair surged higher in  the  early London session after the  Bank of  England Governor Andrew Bailey announced that the  bank would expand its stimulus programme by   £150 billion exceeding analysts estimates of   £100 billion. The  BoE’s Monetary Policy Committee also decided to  maintain its base lending rate at  0.1%, which was quite bullish for  the  pound since the  ECB is still on  negative rates. The  bank also said that it was willing to  provide more stimulus if the  UK economic situation worsens. The  pound was also boosted by  reports that UK Chancellor of  the  Exchequer Rishi Sunak was going to  announce a  new furlough scheme later today.
The  dollar crash today as  tracked by  the  US Dollar Index also fueled the  cable’s rally. The  contested US Presidential election weighed on  the  dollar as  Donald Trump attempted to  stop vote-counting in  some states.
The  currency pair’s future performance is likely to  be affected by  the  Brexit news and  the  outcome of  the  US election.
The  GBP/USD currency pair was trading at  1.3092 as  at  13:54 GMT having rallied from a  low of  1.2938. The  GBP/JPY currency pair was trading at  135.74, having risen from a  low of  135.08.
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