Cable extends south to 1.2398 on dovish steer from BoE chief economist Pill

Pill says some elements of UK inflation are 'transitory' (Bbg)

Safe-haven dollar continues to benefit from U.S. regional bank fears

Bids may emerge near 1.2368 (Friday's low) if GBP/USD falls further

1.2506 was Asian session high (1.2545 was 10-month peak on April 14)

US default on debt would trigger an 'economic catastrophe' - Yellen