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In August, the BoE said it was prepared to provide more monetary stimulus if necessary. Yet, the Bank decided not to change anything in its monetary policy.

Like the Bank of England (BoE), the European Central Bank (ECB) has not changed its monetary policy at its first meeting since Brexit.

With an 8-1 majority BOE decided to keep its key rate at 0.5% - which has remained unchanged since 2009 - and to keep its asset purchase program steady.

Sentiment in GBP/USD remains relatively strong with the Bank of England expected to be not far behind the Federal Reserve in terms of their interest rate schedule.

The rally in GBP/USD has waned over the past few days after reaching a high of 1.5677. Markets had already discounted hawkish comments from the Bank of England’s chief Mark Carney last week.

Cable moved within a sideways range for much of the day as traders focused on global events, most notably in China. Optimism improved after the Chinese Shanghai Composite rebounded 5.7%.

The week ahead could prove significant for currency traders as an important batch of data releases and policy announcements are due to take place.

German GDP figures released this morning showed the economy grew by just 0.1%in the 3rd Quarter. Another negative quarter would have technically tipped the German economy into recession.

The Bank of England released its quarterly inflation report yesterday, with governor Mark Carney indicating that inflation is likely to fall temporarily below 1% in the months ahead.