GBP/USD Bulls in Control Ahead of US Inflation Data/BoE Meeting

On Tuesday, the Pound Sterling (GBP) rebounded above the 1.2600 level against the US Dollar (USD), following a slip in the Greenback as a result of slightly softer US Treasury bond yields. Traders are anticipating two significant releases that are expected to impact the GBP/USD over the next two days, namely the US Consumer Price Index (CPI) inflation data on Wednesday, and the Bank of England (BoE) policy meeting on Thursday.

From a technical perspective, the GBP/USD is currently in a broadly bullish long-term uptrend. The old adage that "the trend is your friend" provides an advantage for long over short holders. The price on the H1 timeframe recently rebounded on the 61.8% Fibonacci level from the previous swing, and the stochastic indicator displays a divergence with oversold levels. Based on this analysis, our forecast is bullish.

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GBP/USD holds steady above 1.2600 on Wednesday's London open, but the US dollar gains traction amidst a cautious market. Despite investors repositioning ahead of US inflation data, GBP/USD remains robust with the next psychological resistance level at 1.2700.

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