ANZ Research discusses its tactical GBP bias for teh coming week.

'"Tightening therefore remains in play. Following the decision, OIS priced around 14bp for December and 32bp cumulatively by February, with just over 50bp priced by April. Focus now shifts to Q3 GDP next week. With the BoE forecasting growth of 0.7% q/q, a resilient print would reinforce expectations for further tightening and support GBP, while a meaningful downside surprise would challenge the rate path and leave GBP more exposed after its recent rally. Historical performance around UK GDP releases suggests GBP/USD responds more strongly to upside than to downside surprises," ANZ notes.

"We retain a mild upside bias in GBP/USD, although the risk-reward is becoming less attractive. EUR/GBP is the clearer expression of stretched GBP strength. The cross has fallen to around 0.834, well below its key daily moving averages. The broader trend is lower, but with the BoE and ECB expected to tighten and substantial UK tightening priced in, we would not chase EUR/GBP downside from current levels," ANZ adds.