Pound in the spotlight today as BOE decision awaits-check out the GBP/USD

The potentially most important event of the day comes at 11am GMT and it is the policy decision from the Bank of England. The markets do not expect any change from the BOE today. As noted here yesterday the likelihood of the BOE matching a move from the ECB in June would appear more likely. That said, there is a possibility the BOE will cut today, but even if they do not, the markets are probably just as keen to see what the Bank has to say about the path for interest rates going forward. Certainly, would the BOE cut rates today, it will further underpin the FTSE 100, which set another record close yesterday, but more on that later this morning. The GBP/USD has continued to struggle, despite briefly edging above 1.25 a couple of times since falling below 1.2470 yesterday morning. The GBP/USD will of course be very much front and centre of any market reaction of the BOE decision today. The Pound closed last night at 1.2498. The range seen so far today has been covered by 1.2487 to 1.2502. It is currently trading at 1.2489