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