Pound Sterling (GBP) retains a firm undertone. Investors are looking ahead to this week’s BoE policy decision and expecting a hold amid still sticky UK price trends, Scotiabank's Chief FX Strategist Shaun Osborne notes. 

GBP is firmer on the day

"A split decision is possible, but market pricing is firmly in the camp of no change amid clear messaging from senior policy makers that slow and cautious adjustments in policy are likely moving forward."

"GBP has been carving out a running consolidation just below the 1.30 level over the past week. The pound’s push higher so far today suggests a retest of last week’s 1.2990 high is developing ahead of a push on to the “real” top of the range at the moment at 1.3035. Support is 1.2925/30."