In early trading yesterday the pound fell sharply following weaker-than-expected UK growth figures, but through the afternoon session it recouped thes

• Sterling fell heavily in the morning after UK fourth quarter GDP data revealed growth of just 0.1%, some way below the forecast level of 0.4%.
  
• This shows that the UK economy could very easily move back into negative growth this quarter.
  
• The GDP numbers have spurred the belief that the quantitative easing programme will come to end next month, though it is still unlikely that interest rates will be raised again for sometime.
  
• However, ongoing negative sentiment toward the eurozone enabled the pound to rally through the day, steadily regaining its losses to close just marginally below the opening price.
  
• In trading this morning, the pound is pushing higher once again, with the 1.15 mark providing resistance.
  
• MPC member Andrew Sentance, who is generally regarded as bullish member of the committee, is due to speak at 09:30.