GBP: Citibank maintains its sell recommendation, both before and after BoE meeting

Citi believes that the GBP still offers a good sell opportunity on the forex ahead of the BoE meeting this week.

"Our economic team expects a 25-point rate cut and a resumption of QE - anticipating £75 billion of buying within the next 4 months. The forecasts for inflation and growth will be lowered.

In view of market expectations that have been built for weeks, the bar is high for the BoE to surprise us on the upside.

However, we remain bearish on the GBP. To this end, we believe it is still a good idea to sell the GBP before and after the BoE meeting."