ANZ Research discusses BoE rate outlook and GBP/USD direction.

"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," ANZ notes.

"With much of the BoE tightening story already priced in and growth momentum appearing soft, risks skew towards GBP/USD weakness," ANZ adds.