BOE's Carney notes GBP appreciation and says it possibly reflects expectations of a smoother Brexit

BOE presser now underway 11 May

• GBP's depreciation caused by market expectations of material adjustment to UK's medium term prospects as it leaves EU
• projected inflation overshoot entirely reflects effect of GBP fall since Nov 2015
• current MPC policy appropriate
• MPC will respond in either direction to changes in economic outlook

Nothing of note as yet. Essentially a reading of the Inflation Report at this point

Q&A now underway.

Watch it live here

GBPUSD 1.2865 just off fresh session lows. 1.2850 the next line in the sand to break

Similarly EURGBP has failed into decent offers/res at 08450 so far.