The 1.7% and 2.1% refers to the announced actual year on year figure for the UK consumer price index i.e the UK governments' measure of inflation.
I believe the idea is to open a position immediately after the announcement (providing the CPI fits the criteria) at the prevailing exchange rate. The expectation being that the exchange rate will deviate at least 50 pips from that level within one hour of the announcement.
I'm also a newbie so if this incorrect please go easy on me.
One question from me:
Would someone kindly give me a link/s to the live feed/s for the announcements.
After which announcement ?