Stop and Give way to any traffic that crosses the line before you, then proceed in the direction indicated.
Where you will see it
At a small circle in a residential street or a quiet town junction, where a full traffic circle would not fit.
What to do
Give way to anything that reaches the line ahead of you, then go clockwise round the circle and leave by the exit you want. Traffic already circulating has priority here exactly as it does at a full traffic circle.