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The British pound dipped below $1.30 (U.S.) on Tuesday – and the sagging currency is projected to fall further.

The pound's recent weakness comes amid dovish comments from the Bank of England, which cut rates last week, and soft economic data. "Bank rate can be cut further, closer to zero, and quantitative easing can be stepped up," BOE policy maker Ian McCafferty wrote in The Times of London newspaper on Tuesday.

In a report, Capital Economics says "on balance we still expect further falls against the dollar – to as low as $1.20. The key driver is likely to be a renewed divergence in monetary policies."

The U.S. central bank is looking more likely to hike this year following a better-than-expected jobs report on Friday.

For its part, Scotiabank sees "immediate risk" for the pound "to the low 1.27s."