Cable climbs to 1.2181 (two-day high) ahead of U.S. CPI data at 1330 GMT

Headline and core CPI are forecast to fall to 6.5% and 5.7% YY respectively

Softer than expected CPI could spur another dovish shift in Fed expectations

Any such shift could lift GBP/USD to 1.2209 (Monday's three-week high)

Money markets currently see 25% chance of 50 bps Fed rate hike on Feb 1

1.2135 (intra-day low) and 1.2100 (Jan 6 high) are cable support points