An as-expected 25 bps BoE rate hike amid some hawkish rhetoric looks unlikely to be a game-changer for Sterling. That said, a surprise pause would have a big impact on Sterling.

And while the BoE may try to market a pause like a Fed 'skip', the market would doubt that the BoE would be in a position to raise rates later in the year. A BoE pause could well push Cable below the May lows just above 1.2300.