Cable is consolidating softer-than-expected UK CPI-fuelled losses to one-month lows just shy of 1.9400, as market thoughts turn towards tomorrow's 10:30GMT quarterly BoE inflation report release. The report could spur fresh GBPselling if its content is perceived as being relatively dovish. 1.9385, a 38.2% Fibo retracement point of the ascent from 1.8525 (mid-Oct low) to 1.9917 (Jan 23, 15-year high), is a sub-figure bear target.
Lower objectives include 1.9317 (Jan 10 floor), 1.9280, and 1.9260 (Jan 8 base). Sterling resistance levels are located at 1.9450, 1.9461 (today's Asian session base), 1.9475, 1.9491, 1.9505, 1.9525, 1.9550, and 1.9570. UK unemployment and earnings data will be disclosed at 09:30GMT tomorrow. Annualized average earnings are forecast up 4.1% in the three months to December.
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