Aug 1 (Reuters) - German Bund futures fell on Wednesday as investors took profit on more than a point of gains in the previous session before a German auction which was expected to attract demand despite low returns. Investors were likely to snap up 4 billion euros of safe-haven paper amid uncertainty on whether European Central Bank President Mario Draghi will deliver on his pledge to do whatever it takes to protect the euro. The comments, made last week, generated high expectations that at the very least the ECB would resume its bond-buying programme but Germany's continued resistance to giving the euro zone's future ESM rescue fund a banking licence has dampened hopes for a bold policy response. One trader said the market was consolidating after a rally that was partly driven by month-end buying in the previous session. He expected the market to remain range-bound before the outcome of the Federal Reserve meeting later in the day and the ECB policy decisions on Thursday. German Bund futures were down 31 ticks on the day at 144.26, having rallied 116 ticks in the previous session. "There is growing scepticism on some big response," the trader said. He expected the ECB to open the door to a rate cut or some other policy move down the line, but that inaction at this meeting could see Bunds rally and Spanish yields head back towards euro-era highs. "There is a risk for a big disappointment this week," he said, also referring to the Fed meeting. The U.S. central bank is likely to show that it is ready to act against a weakening U.S. economy but stop short of aggressive measures for now.

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