Cable climbs to 1.3171 as growing risk of 50 bps Fed cut this week hurts USD

1.3171 is highest level since Sept 6 (1.3003 was last week's low, Sept 11)

Markets currently see 61% chance of 50 bps Fed cut on Wednesday FEDWATCH

That is up from 43% chance on Friday, and 15% chance last Thursday

Offers may emerge pre-1.3200 (big option expiry) if GBP/USD extends north

CFTC data showed net GBP long position fell 16% in the week ended Sept 10