We still hold our previous projection for GBPUSD. As we see over the daily chart, a possible triangle formation could hold the market inside the 1.3140-80 support and 1.3505-55 resistance.
The USD/GBP cross rate has tumbled by 0.38% (a 0.38% gain for GBP against USD) at the time of writing, slightly above USD/CAD, which recorded a 0.56% loss over the same period (see Fig. 1).
GBP/USD remains firm ahead of the US CPI release after breaking above a key medium-term descending trendline following last Friday's US NFP. Sterling's near-term bullish momentum remains intact above the 1.3479 pivotal support, with upside targets at 1.3547, 1.3580 and 1.3643.
British Pound: Limited upside within defined band against US Dollar – UOB
GBP/USD Price Forecast: Continues to remain flat ahead of US CPI data
The GBP/JPY continues its post-intervention recovery ahead of the US CPI report tomorrow, which could have a secondary impact on the pair.
British Pound: Sterling recovery eyes 1.36 caps against US Dollar – Scotiabank
Pound Sterling Price News and Forecast: GBP/USD holds near 1.3500 as US CPI, UK GDP loom
Pound Sterling Price News and Forecast: GBP/USD holds descending triangle breakout
GBP/USD Price Forecast: Holds Descending Triangle breakout
British Pound: Upside tests but capped near 1.3555 against US Dollar – UOB
British Pound clings to gains against US Dollar, US CPI in focus