The British pound has so far found resistance from the 1.2730 level against the US dollar as traders turn bullish towards sterling ahead of the BOE rate decision. GBPUSD bulls need to break the 1.2745 resistance level in order to trigger the next upside rally towards the 1.2810 level. Downside risks will start to build towards the GBPUSD pair is sellers move price back under the 1.2645 support level.
If the GBPUSD pair trades above the 1.2645 level, key resistance is found at the 1.2745 and 1.2810 levels.
If the GBPUSD pair trades below the 1.2645 level, key support is found at the 1.2600 and 1.2560 levels.