Cable falls to 1.2525 as USD strengthens before two-day Fed meeting starts

1.2525 is lowest level since Monday's 1.2569 peak (high since April 11)

Bids expected around 1.2500 (1.2497 was Monday's low, in early Asian trade)

CFTC data showed net GBP position recently flipped from long to short

BoE rate decision next week: HSBC expects 8-1 hold vote again (as per March)

UK local elections this week (Thursday); PM Sunak's Tories face big losses