1.2230 is low water-mark for cable since Wednesday's high of 1.2314

1.2314 high followed Powell saying U.S. recession "certainly a possibility"

See: nL1N2Y917N. Wednesday's high was 10.5 pips shy of Tuesday's top

1.2163 was Wednesday's low, after UK inflation data nL1N2Y90EVnL8N2Y917G

UK PMIs 0830 GMT; service f/c 53.0. Rising debt costs push up UK borrowing

See: nL8N2YA0XF. UK PM faces prospect of by-election defeats nL8N2Y72TU