The British pound is trading with a cautious tone against the US dollar currency, ahead of this afternoons Bank of England interest rate decision. If the GBPUSD pair falls below the 1.3000 level, a further decline towards the 1.2960 or 1.2900 level may take place. To the upside, GBPUSD bulls need to break the 1.3170 level to encourage a technical test of the 1.3250 resistance level.
If the GBPUSD pair trades above the 1.3090 level, key resistance is found at the 1.3170 and 1.3250 levels.
The GBPUSD pair is only bearish while trading below the 1.3090 level, key support is found at the 1.3000 and 1.2960 levels.
