GBP: False start on the sell-off Just as we started to get excited about an important leg lower in sterling earlier this week, Bank of England Chief Economist, Huw Pill, poured cold water over the sterling sell-off. This leaves the market a little confused over the direction of travel for the insiders on the UK MPC committee. We certainly like sterling lower this year as the restrictive 5.25% policy rate gets cut for an economy running a negative output gap. The timing of the sterling sell-off remains a little unclear, however.  We would say the chances of a significant BoE communication shift at the 9 May meeting have been reduced after those comments from Pill. Though, EUR/GBP can probably now trade in a slightly higher 0.8550-0.8650 range.