* 5,000 TYK5 112.5 calls, 24 ref 110-21.5 * 2,000 TYM5 104.5/110.5 put spds ref 110-21.5...
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GBPUSD found support Tuesday but for now, the pair continues to trade below its Feb 5 high. Price recently traded above the 20- and 50-day EMAs, and pierced 1.2523, the Jan 27 high. A resumption of gains would signal scope for a move towards 1.2610, a Fibonacci retracement. Key short-term support to watch has been defined at 1.2249, the Feb 3 low. Clearance of this level would instead highlight a reversal and strengthen a bearish threat.
Swiss January CPI (released 07:30 GMT / 08:30 CET Thursday) is expected by consensus to decelerate 0.2pp to 0.4% Y/Y. On a sequential basis, consensus is for -0.1% M/M (-0.1% Dec) while core inflation is expected at 0.6% (0.7% Dec).