Cable falls to 1.2086 following softer than expected UK January CPI data

Up 10.1% YY vs 10.3% f/c. 1.2086 = two-day low (1.2031 was Monday's low)

1.2135 was pre-UK CPI low. 1.2120 (Tuesday's low) is now a resistance level

Sub-f/c UK CPI print is boost for MPC's dovish pair Tenreyro and Dhingra

BoE is still expected to deliver its 11th consecutive rate hike next month

1.2269 was GBP/USD high on Tuesday, as volatility ruled after U.S. CPI data