The currency pair went upwards last week, but the uptrend was unstable and weak. GBP/USD still stays above 1,2372.

BoA meeting has not brought any clarification to the future of UK’s monetary policy. The latest UK CPI data indicates on the inflation to be below target 2% level. This gives the BoA some space to breath.

GBP/USD is able to resume its uptrend technically. The next target will be at 1,2677. However, Frida’s bearish candlestick may be the sign of reverse to test the support at 1,2372. We advise to wait for clear signals before taking any further decisions.