UK CPI data for Jan came in at +3.6% y/yVs 2.0% forecast and -1.4% previously. Core CPI came in at +1.3% y/y Vs 1.0% forecast and RPI y/y came in at +0.1% Vs -0.1% forecast.
Cable has bounced 70 points to 1.4220 from a pre data level of 1.4150 with EUR/GBP heading towards 0.8800, a break of which would see us target 0.8600/50.
