The pound could bounce back towards 1.24 region where resistance sits.

The GBPUSD pair fell yesterday on hot inflation data however it looks as though for the moment the pound may have found temporary support at 1.2335. Looking at the chart on the hourly timeframe RSI currently reads 33.7 with a possible retracement higher towards 1.2393 (50 SMA) but also where initial support sat (blue line). A further break above here could see the pair move towards 1.2416. A breakdown below 1.2335 could see the pair falter and drop toward 1.2283 (100 SMA on the daily timeframe)