The British pound saw its week-long rally come to an end, which could set the sterling up for a retrace in the upcoming week if the pair continues to remain its current medium-term range.

The economic calendar presents major event risks with the BoE rate decision and PMI services on tap.

The British pound maintained the broad range from earlier this month, with the GBP/USD finding near-term support ahead of the March low at 1.4782, and the exchange rate may continue to trend sideways over the following week as investors weigh the prospects for future policy.

The British pound may rise if the Bank of England is able to successfully convince the markets that it is truly shifted gears from an outright dovish posture to a wait-and-see approach with the release of minutes from the March meeting of the MPC.

The British pound slipped to a 10-month low against the U.S. dollar as the economic docket reinforced a weakened outlook for the UK, and fears of a protracted recovery.

The British pound is likely to continue lagging against the spectrum of major currencies as the Bank of England maintains a dovish posture at the upcoming monetary policy meeting.

The British Pound may continue to retrace the advance from the previous year as policy makers see a risk for a protracted recovery.

The British Pound is set to fall in with broad trends in risk sentiment as the economic calendar fades from view after the Bank of England firmly confirmed a dovish medium-term posture in its quarterly inflation report.

Policy makers chose to leave the door open for quantitative easing as the U.K. economy barely ended its recession in the fourth quarter.

The widespread exodus from risky assets did not leave carry trades unscathed, pushing the yen sharply higher against the spectrum of its major counterparts.