• GBP$ soft in NY afternoon trading -0.89% at 1.3226; Wednesday range 1.3346-1.3224

• USD haven bid gaining momentum on rising UST yields and higher oil

• UK 10-yr gilt still below recent high 5.44%, but 15bp range adds to UK fiscal concerns

• High UK rate outlook amid high oil, inflation and low growth conspiring ag GBP bulls

• Sellers may run out of gas, STIR futures indicate BoE hikes in 2027 to outpace Fed

• Still, next month's UK Autumn Budget poses fiscal risks for Burnham

• GBP$ supt 1.3224 Wednesday low, 1.3200 big-figure support, 1.3140 Jun 24 low

• Res 1.3268 falling 10-HMA, 1.3400 psychological lvl, 1.3345 daily high Sept 23

GBP$ Chart:

(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)