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Sterling drops ahead of UK Prime Minister Truss’s speech.

The pound fell against the dollar on Wednesday, capping a six-day rally but remaining well off recent lows following the government’s U-turn on some tax cuts earlier this week.

The pound fell 0.6% to $1.1404 (GBPUSD) and was little changed at 87.095 pence per euro (EURGBP).

The pound has recovered some ground after falling to a record low of $1.0327 last week in the aftermath of the government’s mini-budget’ announcement. It was also boosted on Monday after the government reversed a reduction in the highest income tax rate