Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair fell after the release of the UK inflation data, as the headline consumer price inflation rose to 0.3%YoY in January from the 0.2%YoY rate recorded in December, but decline by 0.8% compared to a month before during the same period. Key Quotes: "Core inflation slowed to 1.2% year-on-year, while the Producer Price Indexes showed a sharp decline both in output and input. The pair was trading higher ahead of the news, but sharply reversed afterwards, extending its decline below the 1.4300 figure in the US session. This Wednesday, the Kingdom will release its January employment figures, with wages expected to remain subdued. If that's the case, the reality will be that there isn't enough inflationary pressure over the Bank of England, and therefore a rate hike will remain off the table for longer than expected." For more information, read our latest forex news.