• GBP/USD struggles to gain any meaningful traction amid a mixed fundamental backdrop.
• BoE rate cut bets undermine the GBP, while dovish Fed-led weaker USD supports the pair.
• Traders also seem reluctant ahead of key macro releases and the central bank event risk.

The GBP/USD pair extends its sideways consolidative price move through the Asian session on Tuesday and currently trades around the 1.3370-1.3365 region, nearly unchanged for the day. Traders seem reluctant and opt to wait for this week's important macro releases and the key central bank event risk before placing fresh directional bets.

The UK monthly employment details will be published later today, ahead of the delayed US Nonfarm Payrolls (NFP) report for October. This will be followed by the latest UK inflation figures on Wednesday and the crucial Bank of England (BoE) policy decision on Thursday, which will play a key role in influencing the British Pound (GBP). Apart from this, the US consumer inflation figures on Thursday could determine the near-term trajectory for the GBP/USD pair.

In the meantime, the growing acceptance that the Bank of England (BoE) will lower borrowing costs at its policy meeting later this week keeps the GBP bulls on the defensive. Apart from this, a slight deterioration in the global risk sentiment contributes to the Pound's relative underperformance against the perceived safer US Dollar (USD). The upside for the Greenback, however, remains capped in the wake of rising bets for two more rate cuts by the Federal Reserve (Fed).

Adding to this, expectations that the new Trump-aligned Fed chair will be an uber-dovish and slash interest rates regardless of the economic fundamentals keep the USD on the defensive near a two-month low. This, in turn, is seen acting as a tailwind for the GBP/USD pair, which, so far, has managed to defend a technically significant 200-day Simple Moving Average (SMA). The said support is pegged near the 1.3350 area and could act as a pivotal point for intraday traders.