A softer-than-expected U.K. CPI report could trim BOE rate hike expectations and put Sterling under fresh selling pressure. Our Event Guide for the July U.K. CPI notes that markets are pricing in a jump to 3.0% headline and an uptick in services inflation, so any shortfall in either figure could weaken the pound's near-term fundamental case. Here's why GBP/AUD and EUR/GBP may present the best setups in this scenario.