GBP/USD approaches the upper bound of an ascending channel as it attempts to retrace the decline from the monthly high (1.3015), but data prints coming out of the UK may drag on the British Pound as the Consumer Price Index (CPI) is anticipated to show slowing inflation. GBP/USD seems to be coiling within a narrow range after failing to test the November high (1.3048), and the exchange rate may continue to track the channel formation from earlier this year as the 50-Day SMA (1.2625) establishes a positive slope. In turn, the range bound price action in GBP/USD may turn out to be temporary as the Bank of England (BoE) … (full story)
