GBPUSD CONSOLIDATING AT HIGHER LEVELS AHEAD OF KEY UK JOBS DATA

The GBPUSD pair is consolidating around the 1.2740 level, as the British pound, yesterday found renewed buying interest, with the release of higher than expected inflation data, and reports of a possible softer Brexit deal for the United Kingdom.

Risk events for GBPUSD today on the economic calendar include UK jobless claims count, UK average wage earnings and of course the main risk event comes this evening, with the Federal Reserve interest rate decision and policy statement.

Technically the GBPUSD pair remains short term bullish above the 1.2740 level, with near-term support located at the 1.2730 and 1.2710.

To the upside, the current weekly high at 1.2769 offers only tentative resistance, with the former swing high at 1.2780 and the weekly pivot point at 1.2787 offering much stronger resistance further up.