• Cable remains on a 1.34 handle after UK CPI unexpectedly holds steady in May

• 2.8% vs 3.0% forecast. 1.3410 is intra-day low (1.3405 was NY session low Tuesday)

• Cooler than expected CPI print is boost for doves opposed to BoE rate hike this year

• Fed rate hold expected at 1800 GMT; Warsh press briefing starts at 1830 GMT

• BoE is expected to keep its policy rate at 3.75% on Thursday; 7-2 MPC vote expected

• UK Makerfield by-election on Thursday; result expected on Friday (by 0400 GMT)

GBPUSD


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