Traders awaited UK jobs and inflation figures for hints on the BoE’s monetary policy plans. Optimism for further progress in negotiations between Britain and the EU has gone down. BoE rate hike forecasts for this year have decreased since last week. Today’s GBP/USD outlook is slightly bearish. The pound was mostly flat on Tuesday after a previous bearish session. Monday saw a decline in the value of the pound relative to the dollar as traders awaited UK jobs and inflation figures anticipated this week for hints on the Bank of England’s (BoE) monetary policy plans. –Are you interested to learn more about low spread forex brokers? Check our detailed guide- The dwindling optimism for further progress in negotiations between British and European Union diplomats on post-Brexit trade regulations for Northern Ireland adds to the pressure on the pound. The spokesperson for the British prime minister stated on Monday that there were still considerable differences between the UK and the EU. On Tuesday and Wednesday, respectively, the government will reveal figures on employment and inflation, which will show how the British economy performed at the end of the previous year. Rate hike forecasts for this year have decreased since last week, according to Chris Turner, Head of FX Strategy at ING, and data will be important before such predictions are firmed up. Although wages and inflation may remain high, it is unclear whether this week’s data will contribute to softer expectations. “However, we see those BoE tightening expectations under pressure over the coming months,” he added. According to the money markets, there is a 65% likelihood of a 50 bps increase, and a 35% chance of a 25 bps increase at the next BoE meeting. GBP/USD key events today Investors are awaiting employment data from the UK, including the average earnings index, the claimant count change, the employment change, and the unemployment rate. These reports will show the state of the UK’s labor market. Get FREE Forex Signals Now! GBP/USD technical outlook: The price is riding on a pivotal support GBP/USD outlook The 4-hour chart shows GBP/USD has pulled back after finding resistance at the 1.2276 level. The price is currently in a tight consolidation within a strong support zone. The zone comprises the 1.2200 key level and the 30-SMA. The RSI is trading slightly above 50, showing bears have not yet taken over. –Are you interested to learn more about forex signals? Check our detailed guide- At this point, the price will either bounce higher and retest the 1.2276 resistance or break below and go for the 1.2101 support level. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/CAD Price Analysis: Canadian Firms Expect Mild Recession Saqib Iqbal 1 week Traders awaited UK jobs and inflation figures for hints on the BoE’s monetary policy plans. Optimism for further progress in negotiations between Britain and the EU has gone down. BoE rate hike forecasts for this year have decreased since last week. Today’s GBP/USD outlook is slightly bearish. The pound was mostly flat on Tuesday after a previous bearish session. Monday saw a decline in the value of the pound relative to the dollar as traders awaited UK jobs and inflation figures anticipated this week for hints on the Bank of England's (BoE) monetary policy plans. –Are you interested to learn… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.