BoE Governor Bailey said it was ‘too early to talk about rate cuts’ after BoE Economist Pill had done just that on Tuesday (suggesting market pricing for rate cuts by August next year was not ‘unreasonable’).

Steady downside pressure on the GBP may be easing on the short-term chart. 

Cable losses are moderating and minor gains off the early session low are testing trend resistance (1.2265) of the Monday high. GBP gains through here could extend to the low 1.23 area. 

Resistance is 1.2310/1.2320 and 1.2370. Support is 1.2230/1.2240.