Given recent improvements in PMI data in Europe and the UK it is unlikely we will see any changes in monetary policy today from either central bank. The main focus will be on whether we get an accompanying statement from the BOE and ECB President Mario Draghi's press conference. We can once again expect Mr Draghi to be pressed on the obvious questions surrounding rate cuts as well as negative deposit rates. It is also highly likely he will be pressed further on the time line of his pledge to deliver forward guidance after last months confused message. Key levels on sterling and euro. EURUSD - yesterday's move through the 1.3300 area keeps the risk of a move towards the recent June highs at 1.3410 very much on the table. The key support lies back down near the 1.3150 area. A move below the 1.3150 area retargets a move towards the twin supports at 1.3000. GBPUSD - the inability to crack the 1.5400 area conclusively has resulted in a pullback and sterling looks worryingly weak. The subsequent falls back below the 50 and 100 day MA's at 1.5300 now increase the risk of a fall towards the July 15th lows at 1.5000.