Flat after closing up 0.25% with the US dollar closing 0.35% lower

UK inflation slowed less than forecast but met Bank of England expectations

BOEWATCH fully prices 28bp of cuts in September and 45.48bp by December

There is no tier one UK data or events today, so risk appetite, USD lead GBP

Charts; 5, 10 & 21 day moving averages fall with the 21-day Bollinger bands

Daily momentum studies slip - daily charts still show a strong bearish trend

Move targets 1.2369, 0.618% Oct-March rise, and then the 1.2045 Oct 23 base

1.2482 early London high then Monday's 1.2498 high are initial resistances

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