The British pound slipped against the Norwegian krone on Thursday. Bank of England (BoE) unexpectedly took a dovish stance at their monetary policy meeting.

While the central bank held rates steady at 0.75%, two members of the rate-setting panel voted for a rate cut — Jonathan Haskel and Michael Saunders. This was against market expectations of a 9-0 decision to keep rates on hold. The bank also slashed GDP growth forecasts to 1.6% in 2020.

Slowing economic growth and inflation below target have been plaguing the UK for quite some down now. Brexit uncertainties only add more fire to the troubled economy. December general election could possibly change the country’s course completely, depending on which party will get the majority. Everything is still on the table — from no-deal to no-Brexit.

As the election campaign is heating up, the UK’s major parties are promising big spending plans after almost a decade of fiscal austerity. All other things being equal, a loose fiscal policy would increase demand for pounds and lead to an appreciation of the currency.

From a technical standpoint, the GBP/NOK pair broke below an ascending triangle pattern on the daily chart. It projected a 1.8% fall from the breakout point to around 11.55. This level aligns with the highs of March and May that form an important support zone. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.