Petr Krpata, an FX strategist at ING, notes that the Bank of England (BoE) is expected to expand its QE programme today.

"We expect the Bank of England to expand its QE programme by £150bn today."

"An extension of QE is expected by markets (albeit smaller, around £100bn) and should have a limited impact on GBP."

"Still, uncertainty around a UK-EU trade deal should prevent markets from pricing out the possibility of negative rates in the UK."

"We expect little progress in UK-EU trade negotiations in the weeks to come, suggesting further downside to GBP and the currency to be one of the underperformers in the G10 FX space."

"EUR/GBP to test 0.91 this summer."