FXstreet.com (Córdoba) - On Thursday, the Bank of England increased its quantitative easing program by another £50bn, while leaving the policy rate unchanged at 0.5%. "Given the fact that this increase was broad market consensus, the pound strengthened after the announcement", said UBS analysts.

"In coming months the central bank focus should shift towards possible ECB rate cuts and US Federal reserve quantitative easing. We therefore expect GBP to strengthen further in the coming months", said UBS.