The British pound has staged a powerful upside rally against the US dollar, ahead of the Bank of England rate decision later today. The GBPUSD pair has a strong bullish bias while trading above the 1.2645 level and may soon test the 1.2700 level. Weakness below the 1.2645 level may trigger a sell-off in the GBPUSD, especially if the Bank of England offers dovish commentary today.
The GBPUSD pair is only bearish while trading below the 1.2645 level, key support is found at the 1.2630 and 1.2600 levels.
If the GBPUSD pair trades above the 1.2645 level, key resistance is found at the 1.2700 and 1.2745 levels.
