Sterling steadies; investors anticipate BoE minutes

* Sterling little changed at to $1.4962 <GBP=>, outlook poor

* BoE minutes seen dovish after shock 150 basis point cut

* CBI Industrial trends expected to have worsened

LONDON, Nov 19 (Reuters) - Sterling was stitched into narrow ranges against the dollar on Wednesday, with investors focused on minutes from the Bank of England's last policy meeting where it stunned markets with a 150 basis point interest rate cut.

A corrective bounce from record lows hit against the euro and a 6-1/2 year trough versus the dollar last week was stalled on Tuesday after a record fall in UK inflation reminded investors that borrowing costs could fall further.

The BoE minutes due at 0930 GMT are expected to make bearish reading, with analysts polled by Reuters expecting the Monetary Policy Committee (MPC) voted unanimously to cut rates by 1.5 percentage points to 3 percent.

Further aggressive cuts have also been priced in ahead of the BoE's December meeting, adding pressure to sterling from a yield prospective.

"The issue with sterling is whether there's basic agreement that policymakers will be happy to leave the pound to its devices -- benign neglect for as long as necessary because the economy needs to rebalance," UBS currency strategist Geoffrey Yu said.

By 0853 GMT, the pound was little changed against the dollar at $1.4962 <GBP=> -- holding off last week's 6-1/2 year low of $1.4555 -- while the euro was flat at 84.33 pence <EURGBP=>.  Continued...