“The statement is probably a little bit more dovish than the market was expecting, pushing back on the rise in longer- term interest rates and suggesting that monetary policy will remain accommodative for some considerable time,” said Paul Robson, a senior currency strategist at Royal Bank of Scotland Group Plc in London. “This leaves sterling vulnerable against the dollar and the euro.”

Eoin Treacy's view Today's statements from the ECB and Bank of England highlight the fact that while the Fed may be talking about tapering its quantitative easing, other major central banks are still a long way from tightening policy.

The Pound has been ranging mostly between $1.50 and $1.65 against the US Dollar since 2010 and fell back today to test the lower side. A clear upward dynamic will be required to confirm support in this area and to check potential for additional weakness.

The Euro rallied impressively against the Pound from January and entered a gradual process of mean reversion from March. It has held a progression of incrementally higher reaction lows since May and a sustained move below 84p would be required to question medium-term scope for additional higher to lateral ranging.