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GBPUSD: Daily Analysis & Setup update

The pound surged and gilts flipped to losses after stronger-than-expected UK private sector activity data led traders to temper their expectations of monetary easing by the Bank of England this year.

The currency jumped as much as 0.7% to $1.2773, which would be its biggest daily gain in more than a month. UK government bonds erased an earlier advance, with the 10-year yield reaching 4% for the first time since mid-December. Markets also moved to price fewer and later interest-rate cuts.

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