Dealers note talk that GBP will see another wave of selling at the 15:00 GMT fixing. The pound has been under intense pressure since late yesterday afternoon when BOE Governor King suggested the UK had entered a recession and that rates would be cut further. he also said the pound would have to fall to offset trade imbalances. A bounce in equity markets has help stem the dollar rise for the moment. EUR/USD trades at 1.2900 and GBP/USD at 1.6340.