Bank of America Global Research discusses its expectations for tomorrow's BoE policy decision.

"With our base case for the Bank Rate path in line with market expectations, we expect the upcoming BoE meeting to have a minimal impact on GBP," BofA notes. 

"We see risks in both directions but on balance dovish. This is primarily because we see risks around the February meeting skewed toward a 25bp rate hike. Still, we expect the BoE to keep its options open this week, reaffirming its data-dependent stance,"BofA adds.