GBP/USD holds its powder as the BOE looms

The Bank of England will lower interest rates today. The only real question is by how much. The general consensus still rests with a 0.25% cut. There are some out there who believe a 0.50% cut could be easily justified. The reasons and thinking behind that have been highlighted here previously. That is not to say it will happen though. All will be revealed at 12pm GMT today. Ahead of this, the GBP/USD has been able to take advantage of a relapse in the dollar since Monday. That reversal allows the GBP/USD to break above its 50 day moving average yesterday and reach a high at 1.2550. It did later manage to set a daily close above the 50 day moving average (then at 1.2501), when it ended the US session at 1.2505. However, since then it has edged lower this morning (1.2483 the low so far). Perhaps Sterling traders are banking immediate short-term gains ahead of the BOE? Well, that would be understandable. There is going to be more to add on the Pound and the BOE this morning. That 50 day moving average is in place right now at 1.2498. GBP/USD is right now at 1.2488