Bank of England decision and Minutes out at the top of the hour

Euro supply this morning has seen EURGBP test support into 0.7200 after giving up on 0.7220 and that in turn has put a bid under GBPUSD below 1.5170

Rallies into 1.5200 still being sold though as we wait on the Old Lady

FWIW I don't see a great deal of change afterwards and remain a rally seller above 1.5200 and again around 1.5300 but as always let's trade the fact and not rely/risk well-earned money on crystal balls or well-polished runes.

Ryan has covered the various scenarios in his excellent preview so there's little else for me to add except to remind you not to jump straight in. Be aware of false knee-jerk breaks and keep in mind the "second-wave" effect that invariably follows any dramatic data change or risk event .

These markets are fragile and keen to feed off any scraps from the table so we should wait to evaluate the real end-product once digested

And, hey, let's be careful out there