GBP/USD Moves Down After BOE Cuts Rates

GBP/USD is trading at 1.3162, down 0.0163. The pair is trading very choppy and at session lows. The Bank of England Monetary Policy Committee voted unanimously to cut the Bank Rate to 0.25 percent. It is the first rate cut in seven years. The committee also voted to raise the stock of purchased assets to 435 billion sterling.