The British pound is under moderate selling pressure against the US dollar on Monday, as sterling traders scale back positions ahead of this week Bank of England interest rate decision. A sustained break from the 1.3040 to 1.3095 price range is needed before the next strong short-term directional move can occur. Traders now await the release of the UK Construction PMI this morning, with expectations for the release tilted to the downside.
The GBPUSD pair is bearish while trading below the 1.3095 level, key technical support is found at the 1.3044 and 1.3000 levels
If the GBPUSD pair trades above the 1.3095 level, key resistance is found at the 1.3130 and 1.3170 levels.
