GBPUSD has erased all European morning........>

CABLE: GBPUSD has erased all European morning losses with gains extending back

through $1.3600 to highs of $1.3618. Main focus turns to the BoE rate decision

and QIR at the top of the hour. The BoE are widely expected to keep rates on

hold with a 7-2 vote eyed. McCafferty & Saunders are the likely dissenters again

as the recent run of poor data and Governor Carney's remarks (Apr19) come into

focus. The general consensus is a hawkish hold with the BoE reiterating its

commitment to hike rates over the coming months. However, further topside gains

could be limited for GBP with MNI Pinch showing a 69% chance of a hike in August

and fully priced in by the end of November. Growth projections in the QIR will

provide further interest owing to the recent run of disappointing data, with

downward revisions expected to this year's GDP.