• GBP/USD oscillates in a trading band between 1.2600 and 1.2645 on Monday. 
• The major pair keeps the bearish outlook below the key EMA; RSI indicator shows non-directional action. 
• The first upside barrier will emerge at 1.2645; the initial support level is located at the 1.2600–1.2610 zone. 

The GBP/USD pair consolidates within a narrow trading range of 1.2600–1.2645 during the early European trading hours on Monday. The Bank of England (BoE) governor, Sarah Breeden said last week that the central bank has shifted from tightening rates to thinking about when they might come down as the recent falls in UK inflation have changed the BoE’s outlook. Traders prefer to wait on the sidelines ahead of the UK labor market data on Tuesday. At press time, GBP/USD is trading at 1.2630, gaining 0.01% on the day.