• GBP$ -0.4%, slips to 1.29, door open for 200DMA test (1.2790-1.2800)

• Euro topside stalls adds to bearish drift in GBP

• Jump in government borrowing underlines fiscal headwinds ahead

• Unwind of sterling exposure likely in lead up to UK budget

• Stage set for a dollar rebound
GBPUSD daily chart

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)