Forex: GBP/USD rallies on BoE's Miles dovish stance

FXstreet.com (Barcelona) - Held by 1.5930 area on the London morning, the pair strengthened on flows coming from the US and is at a rally since the NY session as BoE officials speak. Dale defended that the UK economy is not declining, but it should take much time until QE gets reversed.

Then, it was time for BoE's Miles statement, not expecting fiscal easing as the budget is already very large. Miles also said he would have voted for "much more" QE in November's MPC meeting if the government hadn't taken QE gilt cash.

The GBPUSD rallied to 1.5987 high, so far, 60 pips from today's lows. "Current slide after yesterday's peak at 1.5979 is corrective in nature and with the support area around 1.5930, the bias here remains positive for 1.6020, en route to 1.6175", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial support at 1.5883 low.