Cable sinks to 1.2482 on May's much worse than expected UK service PMI

51.8 vs 57.0 f/c nZRN004HAX. Service sector is dominant segment of UK plc

1.2482 = intra-day low. 1.2568-1.2596 was early London range, pre-UK PMIs

1.2482 was also Monday's low (before rally to 1.26, high since May 5)

UK service PMI miss spurs dovish shift in BoE interest rate expectations

8% chance of 50 bps BoE hike on June 16 vs 21% chance pre-UK PMIs BOEWATCH