The Pound Euro (GBP/EUR) exchange rate is ticking lower on Thursday, falling below €1.20.
The pound drifted in the previous session as investors awaited the BoE interest rate decision. The BoE is widely expected to raise interest rates to 0.5% today, the second hike in under 2 months.
The euro came under pressure yesterday even though inflation in the bloc hit 5.1% a record high.
The ECB are due to give their interest rate decision today. No hike is expected but will they adopt a less dovish stance? This could lift the euro.
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