Cable falls to 1.2437 on dovish shift in BoE expectations after UK CPI data

1.2437 = intra-day low. 1.2501 was Asia high (pre-UK CPI data) nL2N2XA0BK

UK April CPI came in fractionally below forecast, at 9.0% YY nL5N2XA17N

Probability of 50 bps BoE hike in June down to 18% vs 38% at Tuesday's close

Percentages courtesy of Refinitiv measure based on I/R futures BOEWATCH

1.2420 and 1.2400 are support points (1.2420 = 23.6% Fibo of 1.2156-1.2501)