FXStreet reports that according to economists at OCBC Bank, should rate hikes expectations continue to be entrenched, the GBP/USD downside should be limited going forward, .

“August inflation prints ran hotter than expected on Wednesday, adding fuel to the already higher BoE Feb 2022 rate hike expectations. The lift-off rate hike is fully priced by May 2022, and another by end-2022. Should these expectations crystallise into the base case, the GBP may turn supported into the year-end.”