Type :
Bearish Drop

Key Levels:
Resistance : 1.2335
Pivot: 1.2181
Support : 1.1950

Preferred Case:
On the H1, price is moving below the ichimoku cloud and has recently broken out from the ascending trendline which gives us a bearish bias that prices will drop to the pivot at 1.2181 where the 100% fibonacci projection , 50% fibonacci retracement and swing low support are. Once there is downside confirmation that price has drop to pivot , we would expect bearish momentum to carry prices to 1st support at 1.1950 where the swing low support and 127.2% fibonacci extension are.

Alternative scenario:
Alternatively, price may rise to the 1st resistance level at 1.2335 in line with the swing high resistance, 100% fibonacci projection and 61.8% fibonacci retracement .

UK CPI y/y data was released at 9.1% and Core CPI at 5.9%, with the GBP strengthening through the session, giving us a weak bullish bias for the british pound.