• Cable drops to 1.2429 ahead of expected BoE interest rate cut at 1200 GMT

• 1.2429 is over a cent below Wednesday's one-month high (1.2550)

• GBP/USD might fall further if BoE guidance is more dovish than expected

• Bear targets include 1.2384 (Tuesday low), 1.2300 and 1.2249 (Monday low)

• BoE quarterly MPR also due at 1200 GMT; ensuing presser starts at 1230 GMT

• UK Jan construction PMI 48.1 vs 53.4 f/c. US NFP data due Friday; 170k f/c

GBPUSD

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