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

Feb 13, 2019

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