At 3:30pm CET today, Bank of England MPC members Andrew Bailey, Huw Pill, Megan Greene and Alan Taylor tesify to the Treasury Select Comittee on February's 25bp rate cut, ING's FX analyst Chris Turner notes. 

Above 1.2810, there may be another leg higher in this rally

"This comes at a time when the market is pricing just 57bp of BoE cuts this year compared to 72/73bp of easing priced for the Federal Reserve. While we ultimately think that the BoE cuts three times this year, the recent mood music from the BoE doves (e.g., Dave Ramsden) has been caution and the need for gradual rate cuts. Sticky private sector wage growth has been the main problem."

"Beyond the very dovish views of external member Alan Taylor, it is hard to see from where the dovish shock is going to emerge today. GBP/USD is close to resistance at 1.2810, above which we could see another leg higher in this rally."