Of course, things can change and inflation could fall more quickly over the coming months, as the BoE expects. That would no doubt be positive for Sterling.

But for now, the environment will remain tricky for Sterling. It remains to be seen how BoE members will react to the recent data. And of course, the next rate meeting on 2nd November is approaching. As long as the BoE takes a “close your eyes and hope for the best” approach Sterling is likely to remain beleaguered.