Sterling is rising again after inflation data

The pound rose significantly to its weekly high in the wake of UK inflation data, which remained close to a 6-year high in January, as the CPI rose by 3% with no change from December.
The consumer price index reached its highest level since March 2012 in November by 3.1%. The pound rose almost 70 pips against the US dollar, currently trading at 1.3920 - the highest level since Friday.
The euro also gained against the US dollar as global stock markets rallied, prompting investors to return to riskier assets. Despite the positive outlook for the euro and expectations of continued gains, the elections in Italy next month, in addition to the somewhat weak coalition deal in Germany, may limit the gains of the euro.
Following an exceeding down trend, EURUSD is currently trading at 1.2350, which is also the upper line of the Rectangle pattern, as well as rising yesterday from the 61.8% Fibonacci correction, the pair is expected to continue trading up to reach 1.2375.
The Japanese yen hit a 5-month high against the US dollar on signs of recovery in global equity markets, and USDJPY fell nearly 1% since the beginning of trading today and is currently trading at levels of 107.65.