The Great Britain pound advanced against the US dollar today after the Bank of England said that the inflation may stay above the 2 percent target, decreasing the probability of the quantitative easing by the bank and bolstering the pound.

The Bank of England raised its near-term forecast for the inflation and expects it to stay above the target through the next year. The bank said that it “stood ready to respond in either direction as the balance of risks evolved”.

GBP/USD opened at 1.5984 and rose as high as 1.6113 before declining to 1.6028 by 15:33 GMT today.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.