Pound Higher ahead of BoE

The Pound Sterling continues to flirt with yesterday's highs as market players await the momentary release of the Bank of England's policy decision. The latest polls are relatively unchanged with the majority of economists predicting no change to either the BoE's key lending rate at 0.75% or to a change in the amount of borrowing. The Bank of England will also release the latest meeting minutes. Analysts doubt that the statement will comment on the Brexit issues currently facing the British government for fear of politicizing at a crucial point in the process.

As reported at 11:18 am (BST) in London, the GBP/USD was up at $1.31, a gain of 0.03% and moving well off the session trough of $1.3027. The EUR/GBP was trading at 0.8904 Pence, down 0.07%; the pair ranged from a low of 0.88959 Pence to a peak of 0.89243 Pence.

ECB Decision Looms

After the BoE policy decision, markets will later turn their focus to the European Central Bank with consensus expectations from analysts and economists polled predicting that the bank will leave its benchmark rate at the current 0% and the deposit rate will continue to hold at -0.4%. The EUR/USD is trading at $1.162, down 0.07% with today's trading band at $1.16091 at the low end and $1.16430 at the high end.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.