GBP Today’s Trend: Slight decline in GBP during central bank official testimony

LootboxPhobia · 2026-02-24T14:04:59+00:00

The pound declined on Tuesday as markets focused on UK Bank of England policymakers' testimony to Parliament and possible signals of interest rate cuts. Analysts noted that Governor Bailey's comments will influence the March vote, with an 80% probability of a 25 basis point rate cut. The euro against the pound slightly retreated, remaining within a narrow range.

LootboxPhobia

2026-02-24 14:04:59

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Investing.com - On Tuesday, the British pound declined as four members of the Bank of England’s Monetary Policy Committee prepared to testify before Parliament. Market participants are watching for signals of a possible rate cut in March, according to analysts at ING.

As of 11:36 GMT, the GBP/USD exchange rate was 1.3491, down 0.0003 points, a 0.02% decrease. The EUR/GBP exchange rate was 0.8732, down 0.0006 points, a 0.07% decrease.

Alan Taylor, known for his dovish stance, has voted in favor of a rate cut. Huw Pill remains hawkish and seems likely to continue opposing the Bank of England’s easing policies this year.

Megan Greene has taken a hawkish stance and is unlikely to change her position soon.

Don’t miss out on rapidly changing market dynamics. InvestingPro provides you with real-time headlines, analyst comments, and instant data.

Governor Andrew Bailey’s comments could be decisive for the March voting outcome. If Bailey indicates he has seen enough evidence to support a rate cut in March, the currency markets may solidify current pricing.

The market currently prices an 80% probability of a 25 basis point rate cut.

ING states that such comments from Bailey could also lead to market speculation that the Bank of England’s easing this year could exceed 50 basis points.

EUR/GBP remains stable within a narrow range of 0.8720-0.8745. ING maintains its bias that the currency pair will rise to 0.8800.

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