Good Morning Bev, thank you for your question.
The Pound weakened to a 12 week low at 1.1760, driven largely by technical factors, after the rate traded through 1.19.
The ECB are also expected to pump half a billion into European banks to improve liquidity, which should strengthen the Euro and improve demand for euro denominated assets.
The Pound has bounced back towards 1.1870 this morning, however, after UK mortgage approvals rose to a 2-year high, providing further evidence that the economy will avoid a technical recession this quarter.
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