Forex: GBP/USD hits 1.6299 on BoE and Fitch

FXstreet.com (Barcelona) - The BoE minutes showed a 8-1 vote in favor of keeping the QE total at £375B, with Miles being dovish for extra £25B, and an unanimous call to keep rates unchanged at 0.5%. The BoE expects bad weather to have an impact on food prices and GDP contraction in Q4 2012.

Unable to hurt the rally towards the 1.6300 mark is Fitch rating agency that stated the likelihood of a US sovereign downgrade from the AAA status in case the "fiscal cliff" does happen.

"The breach of the 1.6175-1.6200 zone clears the way to 1.6310"; wrote Deltastock.com analyst Stoyan Mihaylov, pointing to first support at 1.6175