According to a report by ING's Chris Turner, the British pound could face a downturn if Bank of England Governor Andrew Bailey, during his upcoming testimony, fuels expectations for an earlier interest rate reduction as soon as March. Bailey is scheduled to address the Treasury Select Committee. Turner suggested that Bailey is most likely to influence a shift in the March vote toward a cut. Comments from the governor indicating that he has seen sufficient evidence to justify a rate cut in March could reinforce current market pricing—which already reflects an 80% probability of a 25-basis-point cut—and might even lead markets to anticipate that the BoE’s total easing this year could exceed 50 basis points. Meanwhile, the euro has risen 0.1% against the pound to £0.8739, with ING forecasting the pair could reach £0.88.