The slim chance of a move became no chance
GBPUSD flipped around between 1.3200 and 1.3250 but is back pretty much where it started, bang in the middle.
The BOE have punted any possible action while acknowledging that things haven’t turned out as bad as they expected and tinkered around with their reasoning that some parts of the economy would be more sensitive than others to heightened uncertainty. That’s explained as they still see some weakness in investment but not as much in housing and consumption has held up.