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Forex pairs in this Article » GBP/USD (Barcelona) - The GBPUSD went for a stronger rally on Mario Draghi's words at the ECB press conference at 13:30 GMT, hinting that inflation should decline below 2% during 2013, that the economy should recover later in the year, that the LTRO was a success keeping banking institutions from disorderly deleveraging, and calling for an integrated financial framework and structural reforms by Eurozone governments.

The ECB kept its refi rate at 0.75%."There is nothing to suggest to us a strong rebound from this protracted but shallow return to recession, and as a result, we still expect a further rate cut, with the only question being when", wrote TD Securities analyst Richard Kelly.

Earlier, the BoE announced an unchanged policy, by leaving the Bank Rate paid on commercial bank reserves at 0.5% and the asset purchases programme left at £375B, in the first meeting of 2013. The decision came in as expected. However, next month's decision may be a pickle: "The bigger question for the BoE is what it will do at its Feb meeting; we think that asset purchase will remain unchanged then, but recognize that it could be a close decision, and that a couple of weak datapoints have the potential to change the picture", wrote TD Securities analyst Alvin Pontoh.

The GBPUSD soared around 85 pips during to 1.6119 high, during this period, and is currently staying above the 1.6100 mark. Yesterday's slide after the test of 1.6082 resistance marked a new low at 1.5991 and I think it is enough to initiate a rise through 1.6075, en route to 1.6205 area", wrote analyst Stoyan Mihaylov earlier.
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