The pound is likely to witness volatility during foreign exchange trading this week as investors anticipate and react to the upcoming monthly policy statement from the Bank of England (BoE).Such is the claim of John Kicklighter, a forex market analyst for Daily FX, who writes that sentiment towards sterling is fractured into three main camps looking respectively for a looser, tighter or no change policy from the BoE's Monetary Policy Committee after its meeting on Thursday (November 5th).As a result, the pound is likely to experience volatility irrespective of which policy strategy the bank decides to pursue, as the decision will inevitably be met with a degree of discontent."What traders need to ask themselves is whether any drives will last long enough to break prominent ranges (GBPUSD) and perhaps re-establish the pound's standing in the constant ebb and flow of risk trends," he speculated.As well as focusing on the upcoming interest rate decision, traders will also be scrutinising the bank's stance on the controversial quantitative easing programme, which currently stands at £175 billion.