• Cable hugs 1.2450 option expiry as it consolidates gains from 1.2333

• 1.2333 was Tuesday's low. Resistance levels include 1.2469 and 1.25

• U.S. Jan CPI data due at 1330 GMT: core CPI forecast 0.3% MM; 3.1% YY

• Trump administration readies reciprocal U.S. tariffs

• BoE to cut interest rates only twice more to 4%, NIESR predicts

• MPC's Greene to speak at 1500 GMT. UK GDP data due Thursday at 0700 GMT

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