Pound posts longest run of declines in at least 37 years

The pound fell Friday for an 11th straight day against the dollar, the longest run of declines in at least 37 years, on speculation an economic slowdown will spur the Bank of England to reduce interest rates.

BOE Governor Meryn King's comments earlier in the week that there was more pain still to come for the economy still hang in the air.

The pound fell to $1.8514 from $1.8698 yesterday to cap it's longest losing streak since at least Jan 1971.

The weakening currency underscores concern a slumping housing market is pushing Europe's second-biggest economy toward a recession. A drop in house prices in July brought the property market to a virtual standstill the Royal Institution of Chartered Surveyors said this week.