While the EUR/USD is still treading water between 1.07 and 1.08 during the last ten days, the Pound Sterling suddenly came under extra pressure, starting on Valentine's Day morning. UK inflation numbers officially stopped at 4.0% YoY in January. Meanwhile, the expert poll by Reuters projected an expansion to 4.2%. The UK's annual RPI (the retail price Index, which differs from CPI as it measures only goods and services bought for the purpose of consumption by the vast majority of households and includes housing costs, which are excluded from CPI) dropped from 5.2% in December to 4.9%. Even in combination with a seasonal factor of the year-start, when the headline CPI was at -0.6% month-to-month and the so-called core CPI (skipping volatile energy and food prices) plunged to -0.9% in January, it may offer at least some temporary relief to the still hawkish Bank of England (BoE). The cooling numbers inspired market players that the UK central bank could hold its horses. Traders on the money market quickly changed their bets on a possible cutting interest rates for the Pound, with now a 70/30 chance of a first borrowing cost reduction in June, compared with a 40/60 chance before a surprising jump in US inflation on February 13, when the US core CPI refused to go down. As a result, the crowd's expectations from the Bank of England are nearly standing on par with similar expectations from the US Federal Reserve. More than a half of CME futures traders currently bet on the US interest rate would not go down until June as well. Though the BoE governor Andrew Bailey showed no clear signs for any relaxation of efforts to tame inflation during his regular address to British lawmakers yesterday, that was just his job to remain cautious. The bearish pressure on the nearest 1.25 technical support in GBP/USD is strengthening. This support is strong at this level, thus breaking 40 or 50 basis points below 1.25 may quickly open the way to test 1.2375 (the low of November 16) and the next 1.23 support zone. In other words, this could burst an old dam to trigger a bigger sell game.