Market Awaits: Bank of England's Decision Amid Economic Fluctuations

The British pound remained stable prior to the Bank of England's expected decision to reduce borrowing costs, marking the sixth such adjustment. Despite a divided Monetary Policy Committee, economic and labor market indicators suggest a rate cut. Inflation data has further impacted currency movement against the dollar and euro.

The British pound held steady on Thursday, as investors awaited the Bank of England's policy decision.

Widely anticipated measures by the central bank include slashing borrowing costs for the sixth time this cycle, spurred by declining inflation and a softer job market.

Recent inflation data showed a sharp drop, influencing sterling's movement against major currencies.

(With inputs from agencies.)