The British pound continues to consolidate below the 1.2800 level against the US dollar on Tuesday, ahead of the release of key UK Employment and Wage data. The GBPUSD pair has been contained to smaller than usual trading ranges between the 1.2720 to 1.2790 levels since Monday. A break below the 1.2720 level may provoke selling to 1.2650, while a move above 1.2790 could see a relief rally towards the 1.2870 level.
The GBPUSD pair is bearish while trading below the 1.2790 level, key support is found at the 1.2720 and 1.2650 levels.
If the GBPUSD pair moves above the 1.2790 resistance level, key intraday resistance is found at the 1.2850 and 1.2870 levels.