Sterling is under the cosh, cable down around 2 cents on the day presently around 1.4165. The U.K. currency is being underminned by a combination of factors, including general risk aversion; recent indications that there are further UK rate cuts to come with the government ready to take unconventional monetary easing measures as well (quantitative easing);grim BOE growth forecasts; ongoing weak economic data; and by the governments’ basic benign neglect of the currency. A potent mix indeed.