Societe Generale Research likes selling GBP rallies in the near-term.

 

"Day-to-day, we’re in the doldrums. The US rates market has had a post-NFP adjustment, but Jay Powell didn’t sound hawkish enough for that to go far. The front end is pricing a spell of rates being above 5% (which makes sense) while the long end has reacted less and yields are a long way off the year’s highs, even if the majority of clients think the Fed will eventually have to go further than is priced in," SocGen notes.