GBP/USD cycling around 1.3550 as traders jostle ahead of the BoE's Thursday rate showing

• Sterling on the weak side, close to the 200-day SMA.
• Little data for the early week sees traders turning to Super Thursday's events.

The GBP/USD is sticking close to 1.3550 in Tuesday's trading ahead of the European session, and the pair looks set to eat away at Monday's small gains.

The only thing on the data docket for the Sterling on Tuesday is Halifax House Prices early at 07:30 GMT, but the low-tier data is unlikely to drive much action in the pair as traders are already looking ahead to this week's Super Thursday, which sees the Bank of England (BoE) possibly walk back their long-anticipated May rate hike in the face of recently dovish-turning economic data, while the US session will also be bringing CPI figures, which traders will be looking to as an indicator of how many more rate hikes the US Fed will engage in for 2018.

GBP/USD levels to watch

Technical indicators have lost their steam in the face of the GBP's recent tumble down the charts, but as FXStreet's own Valeria Bednarik pointed out, the overall picture still leans bearish: "the pair is short-term neutral, although consolidating at a 4-month low, with the upside potential well-limited according to technical readings in the 4 hours chart as the pair hovers  around a bearish 20 SMA, while technical indicators have managed to regain some ground, the Momentum still heading north around its mid-line, but the RSI already losing its poise and turning south around 43. The pair bottomed last Friday at 1.3485, still the level to break to confirm an extension of the dominant bearish trend."

Support levels:  1.3510 1.3485 1.3450

Resistance levels: 1.3610 1.3645 1.3690