Cable hit 1.3846 at 0616GMT after extending south from 1.3925 (Tuesday high)

Drop precedes U.S. inflation data at 1330GMT and 10-year U.S. bond auction

Feb CPI f/c +1.7% YY vs +1.4% YY in Jan. Above f/c CPI might lift the USD

3-year U.S. bond auction was well received Tuesday nL1N2L72NRnL1N2L713Y

Bids expected pre-1.3800 if GBP/USD falls further (1.3801 was Monday's low)

1.3779 (last Friday's three-week low) is a support point below 1.3800