The Pound could strengthen further later in the session as analysts await the Bank of England's quarterly report of economic analysis and inflation projections.

The British pound sterling (Currency:GBP) is mixed today - at present there is little by way of GBP-specific action for traders to focus on so the wider themes surrounding the Yen, Aussie dollar and US dollar are driving markets at present.

The British Pound has advanced against the majority of its peers after data showed that the nation's dominant services sector recorded its strongest rate of growth in April since last year's Olympic Games.

"GBPUSD's trek higher since March has stalled below 1.5600 in the last week, and needs to break above that level in the near term to maintain bullish momentum.

NB: The above quotes are taken from the wholesale markets - your bank will add their own discretionary spread to the figures when passing on their retail rate.

The British Pound Sterling (Currency:GBP) is looking rather heavy this morning with a break below 1.18 against the pound looking distinctly possible.

"The combination of previously stretched short-term valuations and economic data surprises hint that GBP's recent recovery has been driven by tactical position taking rather than long-term positions based on a perceived improvement in the UK's ...

"The current environment is poise for GBP, with better data prints, a quiet period before Mark Carney takes over as Governor of the BoE and broad based USD weakness.

The pound to US dollar exchange rate is meanwhile flat - traders are apparently unable to make up their minds as to what today's events in Europe mean for this pair.

On a day in which we see the UK Indepence Party making themselves heard we should remind ourselves why it would be a self-inflicted injury of significant proportions were the UK to split from the Eurozone. This chart from Berenberg Bank tells a telling ...