Cable vaults 1.2300 en route to five-week high after UK core CPI above f/c

Up 6.3% YY vs 6.2% f/c. Headline CPI 10.5% YY, exactly as f/c nL8N34319B

CPI data is boost for hawks advocating another 50 bps BoE hike next month

81% chance of 50 bps hike on Feb 2 vs 71% at Tuesday's close 0#BOEWATCH

1.2300 (Tuesday's top) is now a support point (1.2297 = Asia high, pre-CPI)

Bull targets include 1.25 (1.2446 was six-month high in Dec) and 1.32