Cable gravitates to 1.2050 after eliciting fresh support pre-1.2000 in Asia

There is a decent size 1.2050 option expiry for the 10am ET NY cut

1.2003 was Asia low. 1.2005 was Tuesday's low (after drop from 1.2111)

Bids just under 1.20 based GBP/USD at Dec low of 1.1993 last week (Dec 22)

Gilt yields rise to two-month highs as UK markets reopen after Xmas break

IMM speculators slash net GBP short position to smallest since March