GBP/USD up 0.1% in Asia as risk sentiment recovers and calm returns

S&P E-Minis +1.25%, Nikkei +9.4% Tue as U.S. data eases fears of recession

Comments from Fed officials restores some confidence, soothes nerves

Rising expectations of a 50bps Fed rate cut in Sep limits GBP downside

Overhang of long GBP positions likely to limit scope for recovery

Asia range .12771-1.2803; resistance 1.2820, 1.2840-50

Supports at 1.2730, 1.2700-10 and 100-DMA at 1.2685

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