GBPUSD pushed higher in yesterday Asian session but could not break 1.61200 zone to move up further. The Pound then trading within a tight range and closed the day almost unchanged.
GBPUSD down trend is still intact and the bearish momentum is strong when the Pound can not recover even US dollar is getting weakness.
There will be UK CPI on schedule today and we expect that we will have a clearer direction on GBPUSD after UK CPI data.
Forex Trading Signal:
We will watch for selling signals around 1.61200 to short GBPUSD before UK CPI data today.