Markets expect U.K. consumer prices to have accelerated from March to April. But much of this expectation may already be priced in, suggesting minimal downside risk from the actual release. In this scenario, our Event Guide for the U.K. April CPI Report suggests that the British pound could see minimal downside movement in a potential buy-the-rumor, sell-the-news situation. Here's why GBP/JPY and GBP/CAD may present good trading opportunities if the U.K. CPI report prints in within market estimates.