Sad news brought happy trading - GBPUSD

The Sterling has been one of the better G10 performers today and starts the week on a positive trading note even with the dreary week ahead with the Queen's funeral. Next Monday was confirmed as the Queen's state funeral which will bring a bank holiday for the UK. UK CPI data this week should reflect some relatively positive news on inflation allowing the BoE to push ahead with at least a 50bps rate hike at next week’s rescheduled policy decision.

Technically, I foresee this 4h channel taking us to the previous high of 1.176. Breaking out of that channel shows me proximal entry at 1.1629 or a more greedy entry at 1.1612 after refining that zone. Breaking 1.176 puts all eyes on 1.19 and then 1.2 respectively.

I am bullish on this currency pair given the holding of 1.15 which has turned into GBP strength.