Last week, I wrote about the must-hold area for bulls at 1.2740. It’s the intersection of the August trend line and a critical horizontal level from 2020. The pair broke above this area last week, so it’s up to GBPUSD bulls to hold it as new support. However, the big test for bulls will be Wednesday’s UK Consumer Price Index (CPI) figure and Thursday’s Bank of England (BOE) rate decision. Those are high-impact events for GBPUSD, so expect intense volatility over the next 48 hours. As for the technicals, the 1.2740 area is a must-hold support for bulls. Bullish price action from here this week may extend the rally ... (full story)