GBP/USD is consolidating just below 1.5400 after an earlier spike to 1.5415 on the higher than expected CPI reading and a mixture of weak stops just above the figure. After hitting 1.5192 in London yesterday, we are now up around 200 points from the lows with shorts not very happy. We could be in for more short covering as the day progresses with the market seemingly still short from the opinion polls swing over the weekend.