GBP/USD up little, around mid-1.3300s ahead of UK CPI

   •  A mild USD weakness helps snap two-consecutive days of losing streak.
   •  UK CPI figures to provide some impetus ahead of this week’s key event risks. 
   •  FOMC and BOE hold the key for next directional move. 

The GBP/USD pair gained some positive traction on Tuesday and recovered part of previous session's slide back closer to near two-week lows.

A recent article published in The Telegraph quoted Brexit secretary David Davis saying that the UK government won't pay the agreed Brexit divorce bill if they fail to reach a trade deal with the EU by March 2019 and kept the British Pound under some selling pressure on Monday. 

However, a mildly softer tone around the US Dollar helped the pair to snap two-consecutive days of losing streak and seems to be only factors driving the pair higher on Tuesday. Traders also seemed inclined to lighten their bearish bets ahead of this week's key event risks, including today's release of the crucial UK consumer price inflation figures for November. 

   •  UK: November CPI to remain unchanged at 3% - ING

Apart from the headline CPI print, the highly anticipated FOMC announcement and the BOE decision, along with the UK employment details and the latest US inflation numbers will play an important role in determining the pair's next leg of directional move.

Technical levels to watch

A follow-through buying interest beyond 1.3370 level could lift the pair back towards the 1.3400 handle, above which the momentum could further get extended towards 1.3440 horizontal level ahead of 1.3480 supply zone.

On the flip side, sustained weakness below 1.3330-25 area now seems to drag the pair below the 1.3300 handle towards its next support near the 1.3285-80 region. The bearish slide could further get extended towards 1.3230-25 support area.