GBPUSD formed a bearish engulfing pattern yesterday as data from the Office for National Statistics showed that consumer increased less than expected at a pace of 1.8%.
Economists expected to see CPI rise 1.9% instead. The British pound came under pressure with a stronger US dollar, closing the day at $1.2468.
Price action continues to trade rather flat with $1.2400 support remaining in sight.

After today softer UK wages we can expct the GBP to continue declining, going short if 1.2400 gets breached and stays there.
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