GBP dipped after poor U.K. Gilt auction, with the DMO reporting a 2.13 bid to cover ratio at its sale of GBP 3.5B 4.5% 2013 Gilt. A U.K. clearer and a French name sold in large size to send Cable from 1.7650 and quickly through 1.7600 to print 1.7566 session lows. Bargain hunters and standing bids from corporate accounts ahead of 1.7550 fueled a quick blip back in to 1.7600. Meanwhile, EURUSD was a led lower by Cable, with the pair losing 50 pips to trade back in to 1.4100. Interbank names were noted, along with an Eastern European presence before prices stabilised around 1.4120.