We wait for the UK MPC to hike, with expectations split down the middle between a 25 bps and a 50 bps move. That pretty much guarantees a reaction. 

With inflation falling, house prices falling and economic sentiment gloomy, a 25 bps hike with a warning there could yet be more to come, would seem sensible. But given where expectations are that leaves GBP vulnerable this week. 

25 bps from the Bank, and solid US data, could easily drag GBP/USD back below 1.25.