UK consumer prices rose an annual 1.7% in February, a drop from the 1.9% in January. This was in line with expectations, and is the lowest since Oct. 2009. As you can see inflation rate has been sliding since Oct. 2011, when it was a whopping 5.2%. The Bank of England has a mandate to keep inflation around 2%, but as the you can see, consumer prices have been fluctuating over the years, with a higher inflationary bias. (GBP/USD 4H Chart)The market did not show much reaction in the GBP/USD. The 4H chart shows cable continuing to consolidate above a rising trendline from Nov. 2013. A break above yesterday's (3/24) session high around 1.6535 might open up to a bullish attempt, which can challenge the falling channel pattern that has been developing throughout March.A break below 1.6460, low on the week so far, will break below the recent consolidation as well as the key trendline coming up from the Nov. 2013 low.