• GBP/USD rallies remain shallow as 200-DMA (1.2434) caps

• UK CPI will matter more for hikes priced beyond Sept 0#BOEWATCH

• Compression in BoE/Fed tightening outlook has weighed on GBP/USD

• COMMENT-Fed dot plots will be the focus for traders nL1N3AR0VR

• GBP techs continue to lean bearish, risks geared towards a 1.23 test

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