• GBP/USD higher as still hot UK CPI data bolsters May BoE hike expectations

• GBP/USD reaches 1.2468 before running in to sellers - maybe option related

• Huge £803-million 1.2450 strikes expire 10-am New York/3-PM London Weds

• Also 1.2500 strikes expire on £400-million. Could have bearing on FX price

• Related cash hedging can often attract spot to strike as the cut-off looms

• Big strike expiries at 1.2350 Thur/Fri can help to underpin any FX setbacks

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