Insight

GBP: The dovish BOE MPC vote outcome, 2 members voted for more QE, hammered the British pound, stops below 1.5750-60 and 1.5700 were triggered and more stops below 1.5650 and 1.5640 are now in focus, however, fresh bids are likely to emerge further out at 1.5590-00 and 1.5550. On the

GBP/USD dropped sharply to as low as 1.5679 today so far but remains bounded in range of 1.5643/5928. Intraday bias remains neutral. Again, note that 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168) remains intact. Thus, there is no confirmation of completion of fall from 1.6746.

Sterling was sold off sharply earlier today after BoE minutes unexpectedly revealed that two policy makers favored more expansion in the asset purchase program. GBP/USD is back pressing 1.57 level while EUR/GBP jumped through 0.84. Elsewhere, Euro is generally soft as Eurozone PMIs disappointed. Weakness in European equities also exerted

Intraday bias in EUR/USD remains neutral at this point. On the upside, above 1.3321 will resume the rebound from 1.2625 and target 61.8% retracement of 1.4246 to 1.2625 at 1.3627. On the downside, below 1.2974 will revive the case that rebound from 1.2625 is finished and flip bias back to the downside for this support level.

No change in USD/CHF's outlook. With 0.9206 minor resistance intact, another fall remains mildly in favor. Break of 0.9065 support will affirm the case that rebound from 0.7065 is finished at 0.9594 on bearish divergence condition in daily MACD. In such case, deeper fall should be seen to 0.8567 support

USD/JPY climbs to as high as 80.36 so far today and intraday bias remains on the upside for the moment. Current rise from 76.02, which is part of the rally from 75.56, should target 61.8% retracement of 85.51 to 75.56 at 81.70 next. On the downside, below 79.30 will argue

The BOE minutes for the February meeting unveiled that 2 (Adam Posen and David Miles) out of 9 members opted for more expansion in asset purchases than decided. The 2 dissenters to the current monetary policy saw a risk of a prolonged period of depressed demand which would cause inflation

The BOE expanded the asset purchase program by +50B pound to 325B pound and left the Bank rate at 0.5%. As mentioned in the policy statement, 'the underlying pace of recovery slowed during 2011, with activity falling slightly during the final quarter. While policymakers noted that 'some recent business surveys