By FXEmpire.com
The GBP/USD pair found itself rallying on Monday as traders took on more risk around the world. The pair has been bouncing between 1.60 and 1.65 or so for some time now, but it should be noted that the pair wasn’t able to reach the 1.60 on the last move down. This can be a sign of a failed run by the bears, and that the pair could rise once it breaks above the 1.65 level.
The Bank of England puts out the Inflation Letter on Tuesday, and the CPI also comes out. If either of these looks bullish or surprise to the upside, this pair will certainly break above that resistance area. However, the consensus is that they won’t, and if that is the case we might still be consolidating for a while.
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