ING: The Bank of England has not yet met the conditions for a rate cut and will be more cautious than the Fed

GBP/USD edged higher ahead of the Bank of England's policy decision tonight, which is widely expected to keep interest rates unchanged. Inflation has not eased enough to warrant further rate cuts, ING analyst Francesco Pesole said in a note. He said the Bank of England is seen as more cautious than the Fed, which has contributed to the strength of the pound. "That should not change after today's meeting." Pesole said the pound could rise above 1.33 against the dollar by the end of the week, while the euro could fall below 0.84 against the pound. (Jinshi)