Looking at the upcoming GBP CPI data, anticipation is for a slightly weaker than previous, at 2.9%.
Although a lower CPI should bring GBPUSD lower, in this scenario, it would support the BoE’s view for a rate hike in the future, as CPI remains within the 2-3% target range.
Therefore, I’ll look for a break upward of 1.3820 towards 1.4000
My trade setup ran as expected, currently seeing the GBPUSD in almost 70pips profit
while we could see it move higher, we'll have to be aware of likely volatility when the US market opens
reasonable idea could be to close for profits now