A Weaker dollar helps to elevate the GBP/USD into Bank of England rate decision

The slide in the dollar yesterday evening sure has helped to snap the recent downside in the GBP/USD. The Pound has taken full advantage of that move lower in the US currency and now reclaimed the 1.28 handle this morning. The GBP/USD had fallen back to a low at 1.2668 on Tuesday. It closed in the US last night at 1.2785. The range seen so far today has been covered by 1.2784 to 1.2803. Now of course we have the Bank of England policy decision later today, at 12pm GMT and that could be what decides, if this rebound can be sustained, added to, or halted. If ever the BOE wanted an opportunity to drive the currency higher, then under the present circumstances they sure have that opportunity later today. However, it will take a hawkish hold to deliver it. That is by no means a certain outcome, but one that is nevertheless on the table. There will be more to add on all that later this morning. Meantime, the GBP/USD is currently trading at 1.2789