GBP/USD Price Analysis: Gathers strength for a breakout of Falling Channel above 1.2460 GBPUSD Fed BOE Inflation SupportResistance
An absence of anxiety among investors ahead of US CPI conveys that they have digested expectations of the Fed’s rate hikes.
Despite knowing the fact that Wednesday’s inflation data carries higher value as it will be the last inflation data before May’s monetary policy meeting, investors are hammering the GBP/USD is gathering strength to deliver a breakout of the Falling Channel formed on an hourly scale. The Cable is hovering near the edge of the upper portion of the aforementioned chart pattern. The asset looks confident above the 20-period Exponential Moving Average at 1.2420 as it indicates that the short-term trend is bullish.
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