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The British pound recovered from its recent lows against other major currencies in the early New York session on Thursday, after the Bank of England decided to reduce its interest rate by 25 basis points in a three-way split.
The Monetary Policy Committee lowered the bank rate to 4.25 percent, as widely expected.
Five members of the MPC voted in favor of 25 basis point reduction and two members sought a bigger 50 basis point cut. Another two members preferred to hold the bank rate at 4.50 percent.
A gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate, the bank said.
The committee governed by Andrew Bailey said the progress made on reducing inflationary pressures helped to cut interest rates again.
In order to ensure that inflation stays low, the MPC said it will judge carefully how far and how fast interest rates should be cut.
Investor sentiment also bolstered after U.S. President Donald Trump signaled progress toward a first trade deal in his global tariff dispute, without providing further details.
A news conference in the Oval Office is scheduled for 10 a.m. Washington time, with reports suggesting that Trump is likely to announce a framework of a trade deal with the U.K.
Investors were also reacting to the Fed's status-quo decision on rates and looked ahead to interest-rate decisions from regional central banks.
In economic news, data published by mortgage lender Halifax showed that the U.K. house prices rose moderately in April despite an end to the stamp duty holiday and worsening economic outlook. House prices climbed 0.3 percent on a monthly basis in April after falling for two straight months.
On a yearly basis, growth in house prices accelerated to 3.2 percent from 2.9 percent in the previous month. A typical property is now valued at GBP 297,781.
In the New York session today, the pound rose to a 2-day high of 0.8472 against the euro and a 6-day high of 193.09 against the yen, from early lows of 0.8523 and 191.00, respectively. If the pound extends its uptrend, it is likely to find resistance around 0.82 against the euro and 197.00 against the yen.
Against the Swiss franc, the pound edged up to 1.1008 from an early low of 1.0940. The next possible upside target for the pound is seen around the 1.13 region.
Moving from an early more than a 2-week low of 1.3243 against the U.S. dollar, the pound edged up to 1.3339. On the upside, 1.35 is seen as the next resistance level for the pound.
Looking ahead, U.S. weekly jobless claims data, wholesale trade sales data for March and U.S. consumer inflation expectations for April are slated for release.
