As inflation edges closer to target, the market will have an increased tendency to disregard hawkish comments from policymakers. This is likely to be particularly the case in the UK given the weakness of the economic outlook. 

If the tone of UK economic data worsens, room for GBP appreciation on hawkish BoE rhetoric may start to wear thin. 

We see scope for Cable to push lower to 1.23 on a one-to-three-month view.