GBP/USD trades deep in negative territory below 1.2100. Sterling could suffer more losses if BoE members deliver dovish comments.

 BoE should reach the end of the rate hike cycle in March

“We principally see the risk of the market being disappointed in its rate hike expectations.”

“Our economists assume that the BoE should reach the end of the rate hike cycle in March.”

“If there is an increase in dovish comments from members of the monetary policy committee over the coming weeks Sterling is likely to get under depreciation pressure.”