On the daily chart, the British pound has consolidated above the MACD line. A breakthrough at the target level of 1.2500 would pave the way towards the target of 1.2616. Additionally, the Marlin oscillator indicates potential for further upward movement.

However, today will witness a significant event as the UK and US PMI indices are released. The UK Composite PMI for January is expected to rise from 50.4 to 50.9, while the US Composite PMI is predicted to decrease from 55.4 to 52.4. The key ISM PMI is anticipated to edge up slightly from 54.0 to 54.2. Moreover, the ADP report for the private sector is expected to show an increase in job growth, with forecasts of 148,000 new jobs compared to 122,000 in December.

These mixed forecasts place investor sentiment in the spotlight. Currently, the mood remains optimistic, as reflected in the rising US stock indices. A key event for the pound will be the Bank of England's rate cut scheduled for Thursday.

The four-hour chart does not offer much additional information. The current situation suggests a potential breakout above 1.2500, with consolidation expected at this level. Support is indicated by the MACD line around the 1.2450 mark. A drop below this level would increase the likelihood of the price retreating back to 1.2367.

Overall, due to these factors, the price may fluctuate freely within the range of 1.2367 to 1.2500 (or higher, if a false breakout occurs) until US employment data is released on Friday.