0711 GMT - The Bank of England is widely expected to announce a reduction in the pace of quantitative tightening for the year starting in October at its decision later. Quantitative tightening is the process of shrinking the BOE's gilt holdings purchased during previous periods of quantitative easing. Analysts estimate the BOE could reduce the pace to around 50 billion pounds annually in the year starting in October, from 70 billion pounds currently. "While this won't dramatically decrease bond yields, it could reduce the upward pressure," XTB's Kathleen Brooks says in a note. Ten-year gilt yields hit a 19-year high of 5.439% this week mainly due to inflation concerns and tracking the global rise in government bond yields. They last trade at 5.292%.