The pound slipped after January’s CPI came out below expectations. On the daily chart, the pair is still range bound between January’s low (1.1850) and high (1.2450). For intraday traders, a shooting star in the supply zone (1.2260) from a faded bounce indicates solid selling interests. The previous swing low of 1.1960 is a key level to keep the rebound valid. A bearish breakout may trigger a new round sell-off to the critical floor at 1.1850. As the RSI bounces back into neutral territory, 1.2070 is the first resistance.
