• Cable has traded a 26.5 pip range thus far Wednesday; 1.33695-1.3396

• Those parameters are within Tuesday's 1.33595-1.3411 NY session range

• 1.3411 is the high water-mark since Monday's three-week low of 1.33065

• U.S. May CPI data due at 1230 GMT; 4.2% YY expected vs 3.8% in April

• Hotter print would get hawks squawking for Fed hike, and could inflate USD

• Iran targets US bases in Jordan and the Gulf after Trump orders strikes near Hormuz

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(Robert Howard is a Reuters market analyst. The views expressed are his own)