GBPUSD continues to extend its retracement higher with the British Pound pushing higher as UK Parliament moves closer toward preventing no-deal Brexit.
The July UK inflation report (consumer price index) is due out on Wednesday, August 14 at 08:30 GMT, but the data will continue to be overshadowed by Brexit.
Spot GBPUSD trades near multi-year lows and remains firmly in the grasp of no-deal Brexit risk. Meanwhile, next week's BOE rate review could potentially shed light on further Pound Sterling weakness.
Sterling traders will be eagerly waiting for the announcement of the new UK Prime Minister while the US Dollar may rise after the IMF releases its updated economic outlook.
Sterling is trading within the confines of a near-term consolidation pattern just above key support. Here are the levels that matter on the GBP/USD charts this week.
Spot GBPUSD could skyrocket or plummet over the next 24-hours according to implied volatility priced in to overnight option contracts as the Brexit saga continues.
Sterling is down nearly 2% after reversing from seven-month highs last week. Here are the targets and invalidation levels that matter on the GBP/USD weekly