The recent gains recorded by the pound on the foreign exchange market may not last for long, a report suggests.Economic data suggesting growing strength in the UK market has supported a rise in the pound, with bets increasing that the Bank of England will raise the base rate of interest at this week's meeting.A number of analysts had suggested that a rate rise would be made in May.However, Market Watch reports that "sterling's rise is likely to be short-lived" as the Bank is likely to remain cautious.Despite the fact that many market traders have priced in a May rise, such a move is not certain, which may affect the value of the currency on the foreign exchange market in the coming months.The Bank remains concerned that a rate rise may tip the economy back into recession, the news provider states, adding that if inflation is not fuelling large wage rises, the Bank is unlikely to change its position.Last month, three members of the Monetary Policy Committee voted in favour of an increase in the base rate of interest.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site