Short after retracement to 1.23 - back to 1.18

The Pound cant seem to catch a breather and given 10Y Yields have hit 4.86% things are looking more ominous for the UK economy.
Option traders have 1.7bn lumped on a PUT at 1.20 and given the government is not going to do anything till the budget in March; confidence is waning rapidly in the markets. The more the government tries to act as if all is normal the more nervy the markets are getting.
Job losses are starting to mount higher, sales have been ridiculously weak and now the fiscal stance cant seem to catch a glimmer of hope in the absence of growth; nor can the government seem to find a solution - apart from announcing that the UK is going to be a leader in AI (little realising that it may mount further pressure on the public sector workforce).
Given the strong US economy; interest rate cuts both sides of the pond are going to be fairly muted in the near future and this could get ugly for the Pound if Donald Trump announces tarriffs.
1.18 is my conservative optimistic estimate (despite sounding bleak!)

Good luck all!