There are however lots of situations where the meaning wouldn’t be obvious from the context:
“Who left this bloody glove on the floor?”
Usually the inflection would give a clue, tone of voice would be very different (usually) between the alternate versions of that sentence.
In any event, bloody really isn’t that taboo anymore, its pretty universal and really doesn’t give the impression of a person being “common” or “working class” as other words might: see the “C word”. The description as a vulgar intensifier is probably accurate, although I’d argue that the vulgar part is fairly limited nowadays.
I personally would have little issue using it in “polite” company; indeed I’m sure I’ve said it on the phone to clients more than once, and I’m a lawyer 
(though perhaps my clients are not polite company). It certainly would not be in the same category as the “F word” (which itself is becoming much less taboo over here). Also, if you consider how it is used - bloody idiot, bloody rubbish, bloody hell, etc, it is usually not being used in a context where you are being particularly civil to start off with so offence is probably actually intended!
source - being an Englishman.
And I feel I should leave a bit of my cultural heritage here (note that the “f word” is bleeped):
