Sterling falls after Bank of England's meeting

Sterling fell on Thursday after hitting a seven-week high, following the Bank of England's meeting, at which policymakers expressed the appropriateness of the current monetary policy with low interest rates, dampening expectations for rate hikes soon. 
 
GBP/USD last traded at 1.2542, down from the opening of 1.2656, with an intraday high at 1.2703, and a low at 1.2534.
 
The BoE upgraded its growth and inflation forecasts today, pointing to the improving growth rate as a result for the bank's stimulus program, while will continue till inflation reaches the 2% target, while pointing to how effectively the British economy has gone through the Brexit issue.
 
On the other hand, the bank indicated in its post-meeting statement it prefers the continuance of low interest rates as they work with the bank's current monetary policy, leading the pound to fall as chances of a rate hike soon fall.
 
The dollar tumbled today following the Federal Reserve's meeting yesterday, at which it pointed to its need for more time and data assurances before increasing rates again, but the pound failed to capitalize on the dollar's weakness due to negative pressure form the BoE meeting.