FXstreet.com (Barcelona) - The Pound has fallen around 120 pips in the minutes after the BoE announced its 0.50% rate cut to 0.50% from the 140.20 to the 139.00, today's low.

Currently, the pair is trading around the 139.20/40 band and the pair is testing the 139.00 support level.

Valeria Bednarik, FXstreet.com collaborator, expects a bullish movement in the first hours after the rates decision: Remember both last two cuts send the currency higher in the first couple of hours, to finally regain bearish trend after then. Expect volatile moves until Trichet speech is over.