Both reports have lowered Federal Reserve (Fed) rate hike expectations and weakened the greenback. Risk/reward assessmentWhile the U.S. CPI and UK GDP report is a major unknown, the technical picture is mostly bullish. The key bearish risk is that a higher-than-expected U.S. CPI would spur Fed rate hike expectations. If it is combined with a poor UK GDP reading, GPUSD will almost certainly drop below the 200-DMA at 1.3410 and move toward July lows near 1.3270. Alternatively, soft U.S. CPI combined with better-than-expected UK GDP report could propel GBPUSD through 1.3556 and towards May high near 1.3658.