The Bank of England is set to raise interest rates for the first time since 2007, moving from 0.25% to 0.50%, undoing the post-Brexit rate cut of August 2016. The big question is: will they continue hiking in 2018? Or is it only a one-off? GBP/USD advanced nicely early in the week and in our preview discussed buying the rumor and selling the fact. However, we have seen the pound sliding ahead of the big event. In addition to the rate decision, we will get the meeting minutes and the Quarterly Inflation Report.

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