RTRS:Sterling dips versus dollar before UK inflation data
* Sterling tracks euro falls as Spain worries weigh
* UK inflation in focus, firmer data may help pound
* Strong chart resistance seen at 2012 high of $1.6304
LONDON, Sept 18 (Reuters) - Sterling dipped against the dollar on Monday but stayed close to a four-and-a-half month high as investors awaited UK inflation data.
Higher-than-expected inflation figures could lessen the chances of the Bank of England easing monetary policy again later this year and would likely be positive for sterling.
The pound was down 0.15 percent at $1.6221, having risen as high as $1.6276 on Monday. Analysts said monetary easing in the United States may continue to weigh on the U.S. currency and help push it higher.
But traders and analysts said it could struggle to make more gains without a strong catalyst given strong resistance expected at the 2012 high of $1.6304.
Figures due at 0830 GMT are expected to show annual UK CPI inflation easing in August to 2.5 percent from 2.6 percent. Analysts said there were risks the number would be higher than forecast due to rises in commodity prices.
"A big shock in CPI could be very sterling positive because more quantitative easing from the Bank of England would be seen as less likely," said Kathleen Brooks, research director at FOREX.com.
"Sterling has had a fantastic run-up though it could get sticky towards the April high around $1.63. But if it clears that the next major hurdle is $1.64/$1.65."
The pound outperformed the euro, which was down 0.2 percent at 80.54 pence. It pulled away from a three-month high of 81.14 hit on Friday as Spain's reluctance to ask for a sovereign bailout unnerved investors and pushed up the country's borrowing costs.
Sterling has been underpinned by better UK data in recent weeks, which has eased concerns about the outlook for the economy and reduced prospects of the BoE opting for more QE in coming months.
The central bank will release minutes of its latest monetary policy meeting on Wednesday, which will show the balance of views on further stimulus. Most analysts do not expect any further easing before November.
Some analysts said even if the inflation data is on the weak side sterling may still be poised for more gains against the dollar after the Federal Reserve announced a new bout of aggressive QE last week, which increases the supply of a currency and typically cheapens it.
