ponce n.

a slang word, chiefly British, 1872, originally "a pimp, a man supported by women" (pouncey in same sense is attested from 1861 in Mayhew), of unknown origin, perhaps from French pensionnaire "boarder, lodger, person living without working." Meaning "male homosexual" is attested by 1932 in Auden [OED]. Also as a verb. Related: Poncey(adj.).