Taken from "Bloody Hell", (see in this dictionary), this phrase emphasizes a double fuck without actually using the word once and therefore, appropriate to say in public.

So in that sense, it's like saying, "What the fuck?" but twice, "What the bloody F?!"
Wife: Some asshole actually wrote with shaving cream on our car.

Husband: What the bloody f?! I just had it washed.

Wife: What the bloody Q, What the bloody P... (pick a letter).
by Oahn August 15, 2010
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