The British pound outperformed against its currency counterparts as the Bank of England dropped its dovish outlook for inflation.

The British pound rallied for the second consecutive week against the U.S. dollar on the back of weakness in the world’s largest economy and continued growth in the U.K.

Currency traders may show little reaction to the Bank of England interest rate decision given the slew of heavy event risk scheduled for the following week.

The British pound has reclaimed its correlation to broad-based trends in financial market risk sentiment.

The Bank of England's minutes are expected to show policy member Andrew Sentance continuing to push for a rate hike as inflation remains stubbornly above the central bank’s target.

The prospect of renewed quantitative easing stands as the central concern for British Pound price action as the UK economy faces formidable headwinds amid a broad-based slowdown in global demand.

The British pound ended the week virtually unchanged as dovish comments from policy makers were offset by a brightening outlook for the global economy.

Members of the Bank of England may change their tone towards future policy as inflation continues to hold above the government's 3 percent limit.

The Australian dollar extended the rally from earlier this month to reach a fresh yearly high.

The British pound remains range bound against most its counter parts as the Bank of England left their bench mark rate on hold for an eighteenth straight month.