The British pound starting to consolidate against the US dollar currency, ahead of today’s key interest rate decision from the Bank of England. Bulls need to move price above the 1.2640 level to encourage a test of the 1.2710 or 1.2800 level. A loss of the 1.2500 support level would confirm that the GBPUSD pair may test towards either the 1.2450 or the 1.2330 support levels.
The GBPUSD pair is only bullish while trading above the 1.2640 level, key resistance is found at the 1.2710 and 1.2800 levels.
The GBPUSD pair is only bearish while trading below the 1.2640 level, key support is found at the 1.2500 and 1.2450 levels.
