GBP/USD lifts then slips after Bailey comments on future policy

The knee jerk reaction to sell the pound after the BOE policy decision was all predicated on the voting split amongst the MPC (7-2 versus expected 8-1). To be honest that reaction seemed rather misplaced as that voting split counts for very little at the end of the day. So, the GBP/USD was lifting from below 1.2450 to above 1.2480. However, the Governor Andrew Bailey is now taking a dovish line and has just stated, the BOE may have to cut rates by more than previously envisaged later in the year. It is that statement which has just sent the pound falling back again, versus both the Euro and the Dollar. The comment from Bailey has also pushed the FTSE 100 back towards session highs, after it was seemingly topping out beforehand. The GBP/USD is right now trading at 1.2457