U.K. inflation cooled to 3.6% y/y in October, coming in slightly below the 3.7% forecast and reinforcing expectations for a December Bank of England rate cut. With a dynamic broad market environment in play, we thought two pairs were viable candidates to move beyond the watchlist stage. Which Sterling strategies moved beyond the watchlist stage, and how did shifting catalysts—from AI valuation concerns to hawkish Fed commentary—impact the outcomes?