Bank of England lowers Base rate by 0.25%- GBP/USD slides on voting split

The Bank of England (BOE) has just announced the outcome of its monetary policy decision. The overwhelming general consensus was for a cut of 0.25%. That is exactly what we just got. Ahead of this decision the Pound had been steadily losing more and more ground versus the Dollar, Euro and the Yen. The earlier, very weak construction PMI data had helped to facilitate the falls. The GBP/USD had hit a session low at 1.2407 prior to this decision. It had been trading back above 1.2425 leading into it. The voting spilt was expected to be 8-1 in favour of a 0.25% cut. The actual split was 9-0 in favour of the outcome and further more two members voted to cut the rate by 0.50%. For that reason the Pound has slumped on the news, falling to fresh session lows underneath 1.2375. It is right now at 1.2370