Sterling was weaker against the dollar after the BOE cut interest rates by 25bp, a decision that was widely expected, but two members preferred a 50 basis-point reduction, which analysts hadn’t anticipated.

British Pound has slipped today as a corrective moves is being witnessed in the currency ahead of the monetary policy announcement from the Bank of England (BOE). The BoE is expected to cut its benchmark rate by a quarter-point to 4.

Sterling weakened against the dollar and could fall further if the BOE votes 8-1 to cut interest rates and downgrades its economic growth forecasts, ING said.