FXstreet.com (Barcelona) - The GBP is under pressure against its major rivals in the minutes before the BoE interest Rate decision. The market expect a rate cut of 50 basis points to 0.50%, the lowest level of the BoE history.
The GBP/USD has falling more than 150 in the European session from the 1.4233, today's high, to the 1.4080, todays low, currently, the pair momentum looks bearish and it is toward lower levels.
The GBP/JPY is falling along the European session, from the 141.50 resistance level to the 140.00 sopport, falling around 150 pips. The EUR/GBP is jumping up to above the 1.8900 level, last hour the pair has risen around 50 pips from the 0.8865,low session, to the 0.8915.
According to Valeria Bednarik, FXstreet.com Collaborator, The pound is under pressure on the expected BoE's cut: GBP is falling faster than euro ahead of Central Bank decisions as the usual sell the rumor by the new is triggering pound selling across the board. 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.