• Sterling shed much of its early gains amid a broader dollar bounce

• Falling gilts-Tsy yields spreads took it from Tues's 1.2456 high

• Pair needs a weekly close above 1.2450 to bolster May's brief breakout

• Decent bounce off Monday's risk-off dip to recent up TL prop at 1.2346

• That TL will rise to 1.2372 on Wednesday as US CPI data gets digested

• Fed VC Williams says one more hike a "reasonable starting point"

• Fed hikes increasingly data dependent, as IMF warns on perilous risks

• GBP/USD propped by Fed being much closer to its inflation goal than BoE

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