BOE cuts rates to 4.5% as U.K. growth stalls. Pound weakens, gold gains. Will policymakers signal another cut as soon as March? Read more.

The BoE’s Monetary Policy Committee (MPC) is anticipated to vote 8-1 in favor of a quarter-point rate cut to 4.5%, with MPC member Catherine Mann, who has been an outspoken hawk, is expected to support keeping interest rates steady at 4.75%.

The Bank of England cut interest rates on Thursday as the outlook for economic growth dims, taking a different path from the Federal Reserve.The U.K. central bank lowered its key rate to 4.5% from 4.75%,

The GBP/USD exchange rate pulled back slightly after the Federal Reserve interest rate decision and US GDP data. It dropped to a low of 1.2400, down from this week’s high of 1.2500 as focus shifts to the upcoming US personal consumption expenditure (PCE) data and Bank of England (BoE) decision.

Sterling fell against the dollar on Thursday, on track for its biggest daily drop in about a month, as investors awaited the outcome of the Bank of England's meeting, at which the central bank is widely expected to cut interest rates.

GBP/USD fell sharply on Thursday as sterling attracted sellers ahead of the Bank of Englands policy decision. Markets price in a 94% chance the BoE will cut rates by 25 basis points to 4.5% on Thursday,