• GBP slips through 1.33, BoE's Bailey leans dovish

• Bailey says he is focused on the growth hit from tariffs

• With ECB leaving the door ajar to a larger

• Difficult to see past a more dovish reaction function from the BoE

• Little doubt over a May cut. Instead focus remains on openness to June a cut

• Consequently, positioning for dovish BoE remains favourable

• GBP event risk: UK retail sales data due Friday at 0600 GMT
BoE pricing

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)