Economists at Bank of America Global Research (BoA) offer their expectations for the Bank of England's (BoE) March policy decision.

Also read: BoE Interest Rate Decision Preview: Preparing ground for a rate hike pause in May

"We expect a 25bp Bank of England rate hike this week, with dovish guidance. But it's a very close call. We would not be surprised to see the BoE keep rates on hold. Either way, we expect no further hikes after this week.”

“Our recent analysis has shown that GBP has been agnostic to UK rate moves in recent years. We do not think this is about to change any time soon.”

“For now, position cleansing, standard market response to a crisis will continue to dominate sentiment. EUR/GBP has been a favored long this year and our momentum indicators have been flashing overbought levels.”