• Soft inflation data in the US prompted some fresh USD selling • Pound was one of the currencies that gained significantly following the news • We are starting to see signs of trend reversal, at least for the minor one • Too early to call it a major trend reversal • First sign is the breakout above the descending trend line dating back since February 2022 • Short term moving average ( 20 SMA ) offering some support and starting to point north • Markets are scaling back Fed aggressiveness, which might benefit the GBP • Buyers still have a lot of work to do, first is to overcome the first resistance at 1.2300 and create major higher lows pattern