GMT 3:30 - EURO @ 1.3047 = Two major events of the day are BOE and ECB monetary policy announcement, which will be followed by Draghi's press conference and this will keep market activity in a narrow trading  band.

Recently UK's economy has showed signs of weakness. Pace of growth in housing sector has slowed down, its manufacturing sector is not in line with expectation, but still UK inflation remains too high and is a worrisome factor. Despite such economic condition if BOE decides to follow Fed's footstep and start discussing its exit strategy and BOE leaves its banks rat unchanged to 50 basis point and does not increase its asset purchase from current GBP 375 billion. Then this could give some life to Pound Sterling that should climb.