Sterling sharpens decline to seven-month low ahead of BoE

Sterling fell on Thursday against a basket of major rivals for the fourth consecutive session versus the dollar, marking seven-month lows ahead of Bank of England's decisions on monetary policy and interest rates. 

GBP/USD inched down 0.2% as of 07:40 GMT to $1.3145 from the opening of $1.3168, with an intraday high at 1.3177, and the lowest since November 14, 2017 at 1.3125. 

Sterling closed down less than 0.1% against the dollar as the greenback powered up against major rivals, while an overwhelming win of Parliament confidence by UK Prime Minister Theresa May soothed concerns. 

The dollar index rose 0.3% on Thursday for the third day, nearing eleven-month highs as long-term US treasury yields rise as well. 

BoE 

Bank of England is meeting today to decide on monetary policy and interest rates, with most analysts expecting no change amid negative UK data and expectations of the slowest UK growth rate since 2009. 

Investors now focus on signals to a possible rate hike in August and September, with a weaker signal paving the way for more losses for the pound against rivals.