GBP$ soft into Lon close, -0.4% at 1.27; Europe range 1.2787-1.2672

Bulls exhausted after recent tests of resistance near 1.28

Bears push pair below 1.27 to 1-week low 1.2672

Markets sense less-dovish Fed policy path after expected 25bp cut Dec. 18

BoE guides for 4- 25bp cuts in 2025, may overtake current mkt view of 3 cuts

GBP$ supt 1.2672 Thurs low, 1.2643 50% of 1.2475-1.2818, 1.2619 Dec 2 low

Res 1.2723 the 200-HMA, 1.2787 Thursday high, 1.2822 the 200-DMA