GBP$ off NorAm lows, still -1.2% at 1.2039 into cls; Fri range 1.2173-1.1976

Risks remain to downside amid low rate, glbl recession and EU-UK trade angst

Even 75% odds BOEWATCH for +50bp at Aug 4 MPC meet unable to support GBP

GBP$ dips below 1.20 as traders dial back hawkish moves in 2023 nL1N2YI102

Focus shifts to belly of Sonia strip, rate cuts exp'd in Q2 2023 0#SON3:

Supt at lwr 30-d Bolli by 1.1986, Fri low 1.1976, 2022 low 1.1934

Res Fri's daily pivot at 1.2154, then 50% Fib of 1.2405-1.1934 at 1.2191