# HSBC says GBP/USD appears overvalued as BoE cut expectations grow, keeping sterling pressured after February’s tight vote - VT Markets

> HSBC Global Research says GBP/USD looks expensive against interest rate differentials as markets increasingly expect a more dovish Bank of England. Sterling has been under pressure since the BoE's 5-4 vote in February to hold policy, and markets were pricing about an 80% chance of a 25bp cut at the March meeting.

- Date: 2026-02-26 · published 2026-02-26T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/20860-hsbc-says-gbp-usd-appears-overvalued-as-boe-cut-expectations-grow-keeping
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

The analysis reinforces expectations of a weaker pound against the dollar, a macro currency move that has only an indirect effect on feed commodity prices.

## Read by commodity

- GBPUSD: bearish ▼

## Sources

- vtmarkets.com: https://www.vtmarkets.com/en-asia/live-updates/hsbc-says-gbp-usd-appears-overvalued-as-boe-cut-expectations-grow-keeping-sterling-pressured-after-februarys-tight-vote/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.