GBPUSD Chart Technical Outlook consolidates ahead of the busy calendar
GBP/USD trades in an expanding triangle structure with a potential upward leg. Prices are consolidating ahead of today’s busy US calendar (CPI and FOMC meeting). I expect a flat-to-high price action towards 1.2800. Support is located at 1.2680.
Eyes on the US CPI data first, then the FOMC projections and Fed Chair Jerome Powell conference afterward. The USD can fall if soft inflation figures and lower projections, and the pair could test March’s high. Today’s weak UK GDP data could limit the bulls, but the US data is still the main trigger of the day.
