LONDON, Oct 16 Reuters The pound sat within its recent ranges against the euro and dollar on Monday, and rebounded against the Swiss franc, at the start of a week with alwaysimportant inflation data that will further guide the Bank of England39;s interest rate path.

Sterling was up 0.07 against the dollar at 1.2154, keeping a little off early October39;s sixmonth low of 1.20535. It was a touch softer against the euro, which was up 0.1 at 86.71 pence. 

Swings have been more dramatic against the Swiss franc, a traditional global safe haven. The British currency rose 0.23 against the franc on Monday having tumbled nearly 1 on Friday, when investors moved to the safe haven for fear of further developments in the war in the Middle East over the weekend when markets were closed.

The main macroeconomic release this week is Britain39;s consumer price index CPI due Wednesday, as well as employment data the day before.

Investors will be watching the numbers closely as sterling was supported in the first half of this year by sticky inflation driving expectations that the Bank of England BoE would keep raising rates for longer than other central banks.

The pound has weakened in recent months as markets pared back these expectations, though market pricing still indicates about a 50 chance of one further 25 basis point rate hike this cycle.

The CPI release will be important for the November BoE meeting, although we expect it to remain soft enough that no further tightening will…