On Wednesday, the market moved to price the first full 25 bps BoE cut in June next year and had 78 bps of easing priced in by the end of the year. Having switched to forward guidance at the last BoE meeting – keeping restrictive rates for an extended period – the market will now be on the lookout for this language changing.

Quite a lot of BoE easing is already priced in for next year, however, meaning it is not certain EUR/GBP has to trade up to 0.8800 just yet.

Cable is eating into this week's rally and could dip further unless something like today's US jobless claims disappoint.