Cable has traded a 41 pip range since 25 bps Fed cut Thursday; 1.2949-1.2990

1.3008 was high before Fed cut, after GBP rose on relatively hawkish BoE cut

Consensus expectation is for BoE hold in Dec, and another 25 bps cut in Feb

Barclays then forecasts 25 bps BoE cuts in May, June, August and Sept 2025

1.2835 was GBP/USD 12-week low on Wednesday, after USD jumped on Trump win

Powell says he will not quit even if asked by Trump (his term ends May 2026)