GBPUSD REMAINS WEAK

The British pound remains weak against the US dollar as traders continue to sell any rallies in the pair towards the 1.3100 resistance level. Traders are cautious ahead of the Bank of England rate decision as the central bank could cut interest rates this week. A daily price close below the psychological 1.3000 level should increase bearish bets towards the GBPUSD pair.

• The GBPUSD pair is only bullish while trading above the 1.3100 level, key resistance is found at the 1.3170 and 1.3230 levels.

• The GBPUSD pair is only bearish while trading below the 1.3100 level, key support is found at the 1.3000 and 1.2960 levels.