Pound Down Thin, Analyst Confident BoE Behind Dovish

Sterling stable despite showing a slight decline in trading session Tuesday (10 / Jul) this afternoon. Last week, the currency with the GBP symbol was hit hard by the worsening British economic data. As a result, Poundsterling also collapsed to meet the worst level in a month. The Bank of England (BoE), which had shown hawkish sentiment in the previous week, finally doubted by the market.
The strong US NFP figures for June released on Friday night further add to the burden for Pounds Sterling. The US NFP reportedly climbed as much as 222,000 in June, exceeding expectations of a rise of 175,000, and better than the May's revised NFP rose 138,000 to 152,000. The US dollar also strengthened, and Pound which before the release of the data has been let down by Construction Data UK was even more miserable.

Apart from that, GBP / USD is now trading at 1.1387, sagging from the 1.1399 range.

BoE Still Might Turned Dovish
"The lack of a signal for growth in pay could trigger the BoE to re-examine the reality," said ING analyst Viraj Patel, referring to a speech by BoE Deputy Governor Ben Broadbent earlier this week about potential movers for the Pound.

"With a market that still poses about 45 percent chance of a BoE rate hike this year, we are still confident of a more dovish evaluation, and even a short-term cut in UK short-term interest rates, this is also a considerable downside risk Important for Pounds Sterling in the near future, "added Patel.