The British Pound posted impressive gains last week. And that too, without any catalyst in place. Throughout the week we saw minimal retracements as the price marched higher, which is usually a sign of unusual strength.

But it is still unclear if the trend is reversed, or if the move is merely a pull back against the main down trend.

The chart below shows GBPUSD retracing already 50% of the move down, and that without a catalyst.



On Tuesday we have inflation related data coming out of the UK. The last posted data came in surprisingly negative, and as we have seen some of the other economies come in a bit stronger it leads one to believe a better number can be expected on Tuesday. Either way, the day can certainly have an impact on the direction of the trend.

The image below shows the data release scheduled for Tuesday.

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