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GBP/USD has crossed 1.29, confirming a falling channel breakout. That pattern indicates the pullback from the January highs has ended and the bulls have likely regained control.  

Put simply, the stage appears set for a stronger rally on the back of an above-forecast UK consumer price index (CPI) GMT. The data,  scheduled for release at 09:30, is expected to show the cost of living increased 2 percent year-on-year in January.  

4-hour chart

Trend: Bullish