The British pound depreciated sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5020 level and was capped around the $1.5205 level. Sterling moved lower on remarks from Bank of England Monetary Policy Committee member Barker who reported the U.K. economy could recede again, adding the economic recovery will continue to be bumpy and fragile. Cable continues to suffer from political uncertainty ahead of the upcoming mandatory General Election. Prime Minister Brown is expected to lose to Tory leader Cameron but Cameron may not be able to form a majority government if he wins, and this could lead to a weaker pound. U.K. DCLG house prices data will be released tomorrow. On Friday, Bank of England Chief Economist and Monetary Policy Committee member Dale reported that from the time quantitative easing was implemented last year, the economy has stabilized, household and business confidence have recovered, and financial market conditions have improved. Dale noted the BoE is poised to make additional purchases of assets if required but noted the central bank could also withdraw monetary stimulus at any time. Cable bids are cited around the US$ 1.4455 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the US$ 0.9130 level and was supported around the $0.9045 level.