[ING: If the Bank of England Holds Rates Steady, GBP/EUR May Decline Further] Jin10 News, July 27 – ING analyst Francesco Pesole noted in a report that given the Bank of England is unlikely to raise interest rates this year, the downward trend of GBP/EUR may continue. He stated that the Bank of England is very likely to keep rates unchanged on Thursday, but the market's focus will be on whether there is an expansion of the camp within the Monetary Policy Committee supporting tighter policy. 'If inflation expectations remain under control, we believe the Bank of England will maintain rates unchanged for the rest of the year,' he pointed out. Considering that the market has already priced in a rate hike by the Bank of England this year, this poses the most apparent short-term risk for the pound. The market has priced in expectations of a 37-basis-point rate hike by the end of the year.