If the Fed reduces interest rates again today (and I think they will) the dollar will fall. However, the outlook for the pound is also bleak. I think the UK is on the verge of a nasty recession and that UK interest rates will come down as fears of inflation will be abated by the massive falls in oil prices. This will put further downward pressure on the pound. Its possible it could even reach parity with the Euro.

Just call me Tigasin. That's what I'm talking about