Market analysts are closely watching the CPI release, as it could significantly influence the Bank of England’s monetary policy decisions. A higher-than-expected CPI figure may reinforce the possibility of further interest rate hikes, providing support for the British pound. Conversely, if the CPI data comes in lower than anticipated, it could dampen expectations of aggressive tightening, although the overall sentiment remains optimistic for the pound.
Technical indicators are also aligning with the bullish outlook. The pair has recently tested key support levels and is showing potential for a sustained upward movement. Traders should watch for a break above recent resistance levels, which could signal the continuation of the bullish trend.
In conclusion, the GBP/USD pair is expected to experience bullish momentum throughout the week of August 12, 2024, with the CPI data likely serving as a key catalyst. Traders should stay informed and prepared to capitalize on potential market opportunities as the week unfold
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