BoE Gov Bailey: Stronger rates response needed to fight inflation, GBP/USD back above 1.1230 pre-open

Reuters reported that the Bank of England Governor Andrew said on Saturday that inflationary pressures might require a stronger interest rates response from the central bank than it had envisioned in August."We will not hesitate to raise interest rates to meet the inflation target," Bailey said at an event on the sidelines of the International Monetary Fund Meetings in Washington.

"And, as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August."

The remarks would be expected to support GBP/USD in the open. Early prices are showing GBP/USD rising by 0.58% into the 1.1230s in thin markets.