Cable drops to threaten 1.3100 as less dovish Fed expectations buoy USD

1.3100 approximates to last Wednesday's low (1.3111 was Friday's low)

Markets currently see 29% chance of 50 bps Fed cut next week FEDWATCH

That probability is much lower than the 57% shortly after Friday's NFP data

1.3088 (last week's low) and 1.3069 (21DMA) are support points below 1.3100

CFTC data showed net GBP long rose 20% to five-week high in week to Sept 3