Following the release of the latest UK Retail Price Index statistic, UK inflationary pressures would seem to be under control. The data came in slightly lower than the forex markets had been looking for. The office for National Statistics revealed that the Retail Price Index rose by an annual rate 1.9 pct in January, below expectations of a 2.1 pct increase, additionally, the data for December was revised down to 1.9 pct from the initial release of 2.0 pct. Currency traders immediately took the view that this would signal an easier stance from the Bank of England and marked the British Pound down around half a cent against the US Dollar. The British Pound stands at around 1.7375 at the time of writing, just above GBP/USD support at 1.7360. Lower support in Sterling lies at 1.7310 then 1.7215. Currency traders who are bullish the US Dollar have this lowest level as a profit taking area.