• Sterling largely consolidating recent rebound, EUR/GBP holds below 0.86

• While rate differentials are supportive of this bounce back in cable

• GBP/USD longs are not out of the woods. Short-term flows are USD supportive

• Meanwhile, risks to U.S. GDP are tilted to a topside surprise

• Resistance remains situated at 1.25. Support resides at 1.23

• Elsewhere, a 1bln pound option expiry (Fri) at 1.2430 may attract

For more click on FXBUZ