GBP: The Pound has hit a one-year high against the Dollar, but technical analysis suggests resistance at $1.28. The Bank of England's interest rate decision on Thursday could cause volatility, with a potential for a hawkish outcome to boost Sterling, while a dovish outcome could cause it to fall below $1.26.

EUR: The Pound has broken out of a long-held range against the Euro, hitting a six-month high, but Thursday's Bank of England policy decision could pose a fundamental setback. The market expects up to three more interest rate hikes from the Bank before September.

AUD: The Pound to Australian Dollar rate may be limited, and gains may be vulnerable in the wake of Thursday's Bank of England forecast update and interest rate decision. Economic data, U.S. inflation figures, and Melbourne Institute inflation expectations may also impact the currency pair.

USD: The Federal Reserve's decision not to hike rates in 2023 has boosted the Pound against the Dollar, but the U.S. currency may strengthen if there is an upside surprise in Wednesday's U.S. inflation figures. However, the Dollar's long-term outlook is limited as the ECB and the Bank of England are expected to deliver more rate hikes, while the Federal Reserve may reduce rates.

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