The British pound is consolidating around the 1.2850 level against the US dollar as traders await the outcome of the Bank of England policy decision. A sustained break below the 1.2790 level may expose deeper losses in the GBPUSD pair towards the 1.2710 level. Looking at the upside, a break above the 1.2925 level could spark another technical test of the psychological 1.3000 level.

If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2790 and 1.2710 levels.

If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2925 and 1.3000 levels.

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