Sterling hits five-month high against euro before BoE decision

LONDON (Reuters) - The pound rose to a five-month high against the euro on Wednesday as traders bet a rate hike from the Bank of England on Thursday will not be the last. The euro fell to 86.73 pence earlier in the session the lowest since Dec. 15. It was last little changed at 86.84 pence. Against the dollar the pound was last down very slightly at $1.262 just below the one-year high of $1.267 reached on Monday. Sterling has rallied around 22% since tumbling to a record low of $1.0327 in September including a 4.6% rally this year. It remains around 17% below its level 10 years ago however.