GBP/USD Bullish as Bank of England Plans Interest Rate Hike

The GBP/USD is striving to maintain its position above 1.2600 as the Bank of England plans to continue raising interest rates to combat inflation in the double digits. Meanwhile, the Federal Reserve has confirmed that any future policy decisions will be based on the latest data available. The GBP/USD has recently broken out of an upward-sloping channel, indicating a strong bullish trend. From a technical perspective, today's trading session has seen the GBP/USD break out of a consolidation area with a new bullish impulse, supporting our idea for a quick long position in the direction of the prevailing uptrend.