GBP/USD is now plunging as the British Monetary Policy Committee decided to embark on more QE - Big time. An addition of 75 billion pounds to a total of 275 billion is at the high end of expectations, and at a low end for the pound. The interest rate remained at 0.50%, as expected. GBP/USD plunged by almost 200 pips for the initial move, and is now bouncing back. In the recent meeting minutes published by the MPC, there was a growing agreement that more quantitative easing is on the agenda, although only one member voted for it: Adam Posen. The timing of this move was not certain: October or November. Now we got the ... (full story)