• Cable has traded a 29 pip range since the London open; 1.2593-1.2622

• 1.2593 was also Asian session low, before UK's accelerating pay growth data

• There is a large 1.2600 option expiry for the 10am ET NY cut

• 1.2635 was Monday's two-month high (four pips beyond Friday high)

• Hotter UK pay to keep BoE cold on March interest rate cut

• BoE's Bailey hopes for less bond market volatility driven by US tariffs

GBPUSD

(Robert Howard is a Reuters market analyst. The views expressed are his own)