The British Pound is under pressure after the Bank of England Monetary Policy Committee (MPC) voted by a narrow margin to reduce Bank Rate to 5.0% from 5.25%.
The British Pound is weaker across the board as the odds of a Bank of England rate continue a steady rise, with the market now odds-on for a cut to be announced tomorrow.
The Bank of England preview: downside and upside scenarios for the British Pound.
A buildup of long positions ahead of a potential interest rate cut on Thursday could hold back the British Pound.