[ING: If the Bank of England cuts interest rates in March, the GBP/EUR exchange rate may decline further] Jin10 Data, January 13 – ING analyst Francesco Pesole stated in a report that the recent rally of the British pound against the euro may be difficult to sustain, as the Bank of England may cut interest rates again earlier than the market expects. He pointed out that the Bank of England might cut rates again in March, which would lead to a gradual decline in the GBP/EUR exchange rate in the coming months. Data shows that the market has not fully priced in a rate cut before June. Pesole added: 'The EUR/GBP exchange rate has already fallen below 0.8700, which, according to our model, is within the short-term moderately undervalued range.'