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Carney indicates more stimulus after Brexit

Tuesday, Jul 12 2016
Bank of England Governor Mark Carney said on Tuesday that a hit to Britain's economy from last month's decision by voters to leave the European Union could prompt the Bank to act, hinting again that more stimulus is on the way. "If the outlook has worsened, to use that term, in the judgment of the MPC there always could be monetary response if that is consistent with its remit," Carney told lawmakers. 
Carney and his fellow members of the Bank's Monetary Policy Committee, who have previously warned of a material hit to Britain's economy from a Brexit vote, are meeting this week, meaning they are not supposed to talk about the outlook for interest rates in detail. The Bank is due to announce whether it has cut rates or taken other action on Thursday.
 
Sterling is currently being traded few points above 1.31 level. Pair is likely to find support around 1.30 handle and resistance above 1.32 level.
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