GBP/USD Consolidates Ahead of Key Macro Releases
The GBP/USD pair is experiencing a period of consolidation as traders wait for key macro releases from the UK and US. This week's data includes the monthly UK GDP and the latest US inflation figures, which are expected to impact the currency's value.
Firming US Federal Reserve rate hike bets and geopolitical uncertainties stemming from escalating US-Iran tensions are supporting the US Dollar (USD) and capping the GBP/USD pair. Despite this, the bullish technical setup remains intact, suggesting a potential resumption of the recent uptrend.