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  • Sterling continues to trade just north of 1.31 as GBP traders await meaningful data.
  • US consumer spending data due later on Tuesday could send the pair moving ahead of Thursday’s BoE action.

The GBP/USD pairing is trading into 1.3130 ahead of a London market session that sees limited data for the GBP with a key US data release on the docket for later today.

Sterling traders are keeping their eyes on the Bank of England’s (BoE) showing on Thursday, where the UK’s central bank is expected by market participants to undergo a 25 bps interest rate hike, but disappointing economic data for the UK recently has left the possibility  of a rate hike in unknown territory.

On the US side, USD traders will be seeing US consumer spending figures at 12:30 GMT, leaving the GBP/USD’s directional bias for Tuesday in the hands of Greenback traders.

GBP/USD Technical Analysis

The Sterling is currently leaning towards the bullish side on intraday action, but constraining patterns off of lower highs and higher lows is keeping the major pair trapped in the middle as GBP traders await the upcoming BoE Thursday showing.

GBP/USD Chart, 15-Minute

Spot rate:   1.3125
Relative change:   -0.06%
High:   1.3137
Low:   1.3111
Trend:   Flat to bullish
Support 1:   1.3111 (current day low)  
Support 2:   1.3070 (previous week low)
Support 3:   1.2956 (June 19th swing low)
Resistance 1:   1.3151 (current week high)
Resistance 2:   1.3212 (previous week high)
Resistance 3:   1.3361 (one month high)