After the meeting, BoE Governor Andrew Bailey said that it was not yet possible to say with complete certainty that interest rates had peaked, although he hoped they had. And it was too early to talk about rate cuts, as further progress on inflation is needed. In my view, this was a pretty clear signal that the BoE has no plans to shift its stance for the time being. 

The question over the next few months is likely to be how long the BoE can keep this up. If inflation falls more sharply than expected in the coming months, rate cuts are likely to be more on the BoE's agenda. For now, however, the BoE remains cautious and the Pound is likely to remain supported for the time being.