The British pound is consolidating around the 1.3380 level against the US dollar, following a minor technical correction lower on Friday. A price gap is still present on the GBPUSD chart and will likely be closed this week with a pullback towards the 1.3240 support level. Overall, the Bank of England rate decision and Trump impeachment hearing outcome should drive the GBPUSD pair.
If the GBPUSD pair trades below the 1.3375 level, key support is found at the 1.3300 and 1.3240 levels.
The GBPUSD pair is bullish while trading above the 1.3375 level, further upside towards the 1.3430 and 1.3500 levels still appears possible.
