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Bund 1x2 Put Spread Buyer

CABLE: GBP the most notable mover in early trade, breaks the narrow overnight
range with a move to fresh daily lows of 1.2920. This brings the 1.29 level back
in play, opening a deeper correction toward the 100-dma at 1.2888, ahead of the
Feb 7 low at $1.2854. EURGBP lifts to Gbp0.8763, targeting a topside break of
the 21-dma & 100-hma at Gbp0.8767/74. Main focus today on UK GDP, trade balance
& production data at 0930GMT. UK GDP in Q3 grew by an impressive 0.6%. However,
the Q4 data does not look anywhere near set to repeat this feat. In October and
November, the rolling 3M/3M growth rate was 0.3%. Growth in December appears to
be jaded at best with the PMIs pointing to an easing in activity as well as
retail sales inherently weak. Growth of 0.04% m/m would mean a Q4 rate of 0.3%,
half of the rate seen in Q3.