ANZ Research discusses GBP/USD outlook for the coming week.

"We expect the BoE to deliver a shallow tightening cycle, with 25bp hikes in November and February taking the Bank Rate to 4.25%, a profile that is broadly consistent with current market pricing. As a result, additional inflation concerns are unlikely to provide sustained support for GBP. Instead, markets are likely to remain focused on the UK's fiscal outlook ahead of next month's Budget and the relative policy outlook versus the US. With much of the BoE tightening story already priced in and growth momentum appearing soft, risks skew towards GBP/USD weakness," ANZ notes.

"GBP/USD is trading below its 50-, 100- and 200-day moving averages, while the RSI has moved into oversold territory and MACD remains negative. We see any tactical upside in GBP/USD next week as an opportunity to sell. Support is located near 1.3163, with a break exposing the pair around 1.31. Resistance is at 1.33 and 1.338," ANZ adds.