Pound Sterling fell after the Bank of England kept interest rates unchanged at 5.25% but issued guidance that suggested it was close to a 25 basis point rate cut.
The British Pound was boosted by a stronger-than-expected UK inflation print on Wednesday, but the gains faded as investors turned their attention to Thursday's Bank of England interest rate decision.
The British Pound rose after the UK reported another strong services inflation print, although the headline CPI inflation rate hit the Bank of England's 2.0% target.
Pound Sterling to Rally if Bank of England's Ramsden Drops His Vote for Interest Rate Cut
- Category: GBP
The British Pound would rise if Dave Ramsden dropped his vote for an interest rate cut on Thursday, as this would materially lower the odds of an August interest rate cut.