Following are expected trading ranges and outlook for GBP/USD today:

GBP/USD - to range-trade. Supported by positive global risk sentiment; surprise rise in UK CIPS services PMI to 56.0 in January from 54.0 in December (vs forecast for drop to 53.3); GBP demand on softer EUR/GBP cross. But GBP/USD topside limited by improved USD sentiment; expectations that Bank of England Thursday will extend its bond-buying program by at least GBP50 billion from GBP275 billion; uncertainty over finalization of Greece's bailout loan.

Data focus: 0800 GMT UK January Halifax house price index.

Daily chart mixed as MACD bullish, 5- & 15-day moving averages rising, but stochastics bearish at overbought.

Support at 1.5749 (Friday's low), then at 1.5704-1.5696 band (Wednesday's low-Tuesday's low); breach would target 1.5663-1.5652 band (100-day moving average-Jan. 30 low), then 1.5639 (Jan. 27 low), 1.5531 (Jan. 25 low), 1.5515 (Jan. 23 low) and 1.5448 (Jan. 20 low).

Resistance at 1.5831 (hourly chart), then at 1.5860 (Friday's high) and 1.5882-1.5888 band (Wednesday's 2-month high-Nov. 18 high); breach would reinstate near-term positive bias, exposing upside to 1.5942 (200-day moving average), then psychological 1.6000 line and 1.6092 (Nov. 11 high).