No surprises likely from BoE this week

GBP/USD had seen a rebound last week after the ECB's disappointing decision. This week's IP release should likely cap the upside movement, while last week's fixed income sell-off saw a slight re-pricing of Fed-BoE gap, which added some upside to the cable.

"Although we continue to look for trend depreciation in GBPUSD, we think the USD may struggle to appreciate too much against major DM peers into year-end following last week's ECB", says Barclays in a research note.

This week's BoE meeting should keep the policy unchanged, as per the market expectations, adding some new information.

The meeting minutes are likely to remain same as previous month's meeting, discussing the muted underlying inflation pressures and the uncertainty among members, which, are biased to the downside.