Cable holds below 1.2200 (Monday's four-week high) as UK pay growth slows

Ex-bonus earnings up 6.5% vs 6.6% f/c; ILO jobless rate 3.7% vs 3.8% f/c

Rise to 1.22 aided by dovish shift in Fed expectations; tumbling UST yields

Nomura forecasts 25 bps Fed rate cut next week (March 22) nL4N35M0H3

1.2200 approximates to 61.8% Fibo of 1.2447-1.1805 (Jan high to March 8 low)

U.S. Feb inflation data due at 1230 GMT; CPI f/c 6.0% YY, core f/c 5.5% YY