British Pound Outlook: GBP/USD in Consolidation Mode, Potential Breakout Eyed

From dailyfx.com

GBP/USD is slightly higher on Monday, up 0.2% to 1.2302, but has largely lacked directional conviction and traded range bound in recent days. The consolidation behavior, however, could end later in the week, paving the way for a technical breakout amid several key high-impact events on the calendar, including a speech by Fed Chair Powell and BoE's Bailey at the ECB’s Sintra retreat. Towards the middle of the month, cable hit a multi-year low near 1.1934, but then bounced violently above 1.2300 after the UK central bank indicated it would act forcefully if necessary to tackle soaring price pressures. This guidance ... (full story)