Cable met headwind at 1.2187 after rallying off 1.2109 (early London low)

1.2187 was 50% retracement of 1.2266 (Tuesday's high) to 1.2109

Tuesday's high was notched on mooted 1600 GMT Ldn fix-related buying of GBP

1.2345 was Monday's 24-week high (20 cents above September's historic low)

Auction of inflation-linked gilts gets strongest demand since March 2021

See: nL8N32X28B. Terminal confusion on BoE interest rates nL8N32V4OJ