UK CPI came flat at 3% for the month of Jan but slightly above forecast of 2.9% Y/Y. While core shown a mild jump till 2.7% vs. 2.6%. The pair shown a minor jump but market awaits US CPI and retail sales data which is to be released for further direction.
Technically on the lower side, near term support is around 1.38600 and any break below will drag the pair down till 1.37975/1.37600 (Feb 9th low)/1.3700 (61.8% fibo).
The near term resistance is around 1.3920 and break above will take the pair till 1.3945 (200- H )/1.4000.
It is good to sell below 1.38600 with SL around 1.3920 for the TP of 1.3920 for the TP of 1.3760/1.3700