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Is the ECB decision a live event today? Check out the EUR/GBP this morning

For many analysts the outcome of the ECB policy decision  today is foregone conclusion, in that they will not change their interest rates. That would seem the most likely outcome to be honest, but some have suggested the meeting today is a live event. What they mean by that; is the prospect of the ECB jumping ahead of the gun and lowering policy rates. The majority of the market do not expect any change until June at the earliest. There is no view on that here, more so just reporting on what has been coming across the wires in recent days. If the ECB were to really surprise though, then the EUR/USD, under the current circumstances, will tank. The ECB would probably like to avoid that though and for that reason a cut today seems unlikely. However, were it to be forthcoming, then that also brings the EUR/GBP into the equation. The price action on this cross has been devilish hard to navigate for a long while now, outside of 0.8500 and 0.8600. Eventually that will change though and it remains to be seen, if today will be the day to deliver that change. The EUR/GBP is currently trading at 0.8560 

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