Bank of England interest rate decision and Minutes out today at 12.00 GMT

Yesterday I wrote a preview here that spoke in dovish tones and the market seems to be in agreement.

The pound is suffering losses across the board as we wait for event itself but this may yet accelerate any rebound on less than dovish tones. Rallies will be sold again which remains my preferred strategy unless something really hawkish comes out of the hat.

EURGBP has needed little ECB-led excuse to continue its move higher but in these markets a helping hand is always welcome and has now posted 0.7607 taking out reported barrier options at 0.7600 along the way. Next wave of immediate supply into 0.7630 and 0.7650.

GBPUSD is once again knocking on the door of strong support at 1.4350. Below that the next big test is around 1.4275 although we can expect bids into 1.4300. Offers/res now immediately at 1.4400 then 1.4430 and the bigger ones further away at 1.4530 and 1.4625

It's not all bad news for GBP pairs though as the faster weakening commodity-led AUD and CAD continue to give the pound a little support in the dips. Both pairs though are off their highs but we continue to see good two-way business as each fight their way to the bottom of the pile.

Not long to wait now until we get chance to put BOE conjecture to one side and trade the fact.

Carney - Expected to keep a lid on lift-off for a while yet