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How to trade GBP on UK inflation news

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UK inflation has fallen to a five-year low of 1.2% in September, down from 1.5% the month before. The pound fell sharply after the figures were released. 

London-based trader Ken Veksler says the sharper-than-expected drop most likely means the Bank of England won't take action to raise rates anytime soon.

On the technical side, Ken explains that sterling against the dollar is in a range around 1.58-59 on the downside and 1.62 on the topside, and will stay there until further data out of the UK will drive directionality.