• Cable holds above 1.2500, as it has since Christmas, as 2025 gets underway

• 1.2507 was New Year's Eve low, to follow Monday's 1.2506 low

• Last Friday's low was also 1.2506. Boxing Day low was 1.2502 (Dec 26)

• There is a big 1.2500 option expiry for 10am ET NY cut; billion pound strike

• 1.2475 (four-week low on Dec 20) is key support point below 1.2500

• 1.2475 was also November's six-month low. 1.2569 was New Year's Eve high

GBPUSD

(Robert Howard is a Reuters market analyst. The views expressed are his own)