The advance UK Q1 GDP reading is out today at 08.30 GMT
Recent data has been less than convincing and today's GDP is expected to reflect that.
Expectations are:
The Q4 2015 final reading came in at +0.6% vs +0.5% for the flash but since then we've had less to cheer about and the Brexit factor continues to play out on investor sentiment even if the pound has had a bit more to cheer about lately.
As always we must wait to see how much has been factored into the price already with cable sellers happy to jump in above 1.4600 so far but currently climbing back to 1.4610 from 1.4553 earlier lows. Inherent demand for the moment as I've pointed out a few times lately and that makes for good two-way business. EURGBP is on the slide again but has demand into 0.7730 and stronger behind that at 0.7700. Offers at 0.7770 and into 0.7800.
With the bigger FOMC announcement later we're unlikely to move too far from current GBP levels but of course we should expect some knee-jerk on the release itself if wide of the mark.