Cable falls to 1.2227 as USD continues to benefit from above-forecast US CPI

1.2227 is lowest level since Tuesday (1.2294 was pre-US inflation data low)

Above-forecast US CPI has lifted UST yields and impacted Fed expectations

Markets currently see 40% chance of Fed hike in Dec vs 28% chance pre-CPI

1.2270 (Wednesday's double-hourly low) is now a GBP/USD resistance level

Support points include 1.2216 (Tuesday's low), 1.2205 (10DMA) and 1.2164