GBP/USD Technical Analysis: Bull breakout ahead of UK CPI release

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

    1. R3 1.3003
    2. R2 1.2957
    3. R1 1.2926
  1. PP 1.2879
    1. S1 1.2849
    2. S2 1.2802
    3. S3 1.2771


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