05.06.201405:53:13UTC+00Sterling under pressure on BOE meeting

Appreciation of the British pound deemed held up in May and the currency possibly to glide lower in the near term, said currency strategists, as the Bank of England (BOE) meets today despite continuous speculation on rate hike.

From a low of about $1.4865 last July, sterling escalated 14% to touch a $1.6976 high in early May – a level not noticed since August 2009. However, following dovish stance from BOE Governor Mark Carney, the currency was under pressure and was anticipated to drop Thursday with a bunch of other economic events crowding out the central bank's rate decision.

"It is starting to look decidedly mediocre (for the pound). From a market perspective, a lot of the good economic news is already priced in," said Kathleen Brooks, Research Director at Forex.com. 

External fundamental events could affect the pound this week, Brooks explained, with any disappointment over the European Central Bank (ECB) decision – also happening on Thursday – meaning the euro could be bought at the detriment of the pound.