The US dollar gained momentum and erased a good portion of its recent losses on Monday. Meanwhile, traders are awaitng for the BoE's meeting, although, we do not expect any surprise there.
The main scenario is a return to the 1.2940-1.2930 area and a bounce off it.
An alternative scenario is a further decline towards the 1.2800 level.
Wait until the GBP/USD pair returns to the 1.2940-1.2930 area and start selling towards 1.2850.
Sell the pound towards 1.2800 if sellers regain 1.2850.