GBP/USD Maintains Uptrend as Market Awaits Inflation Data

GBP/USD has been performing well in recent days, rising against the US dollar and breaking above its medium-term descending trendline after a bullish breakout following the NFP release.

The currency pair is currently oscillating within a minor ascending channel and maintaining a short-term uptrend. To maintain this bias, it's essential to hold above 1.3479, which would keep 1.3547, 1.3580, and 1.3643 in focus. A break below this pivotal support level exposes 1.3440 and 1.3400.

The market is closely tied to upcoming inflation data, with investors gauging whether the Federal Reserve will resume rate hikes later this year. According to CME FedWatch tool, there's a 48.1% chance of a 25-bps hike in September, down from around 70% a week ago.