Cable rises to 1.2450 on slightly higher than expected UK March CPI print

3.2% YY vs 3.1% f/c. 1.2450 = intra-day high (1.2440 was Asia high, pre-CPI)

On Tuesday, BoE chief Bailey said "strong evidence" of falling UK inflation

Above f/c UK CPI lessens risk of BoE rate cut as early as next month (May 9)

Resistance levels beyond 1.2450 include 1.2471 (Tuesday's high) and 1.25

1.2406 was five-month low on Tuesday, after dollar rose on Powell guidance