The GBP/USD pair is trading on a stronger note near 1.2790 as investors await the Bank of England (BoE) rate decision. The pair is maintaining a bullish trend above the key Exponential Moving Average (EMA) and the Relative Strength Index (RSI) is above the 50 midline, indicating further upside potential.
Following the Federal Reserve’s decision to hold interest rates steady, the US Dollar has weakened, providing support to the GBP/USD pair. The pair is currently trading around 1.2790, up 0.04% on the day.
Investors will be closely watching the BoE monetary policy meeting on Thursday, with no change in rates expected. The immediate upside barrier for the pair is at the 1.2800 mark, with resistance levels at 1.2823 and 1.2862. On the downside, the initial support level is at 1.2735, with further support at 1.2684 and 1.2668.
The four-hour chart shows a positive outlook for the GBP/USD pair, with potential for a rally towards the 1.2900 mark. Traders will be monitoring key levels and indicators for further direction in the currency pair.
Overall, the GBP/USD pair is poised for further gains as market participants await the BoE rate decision and monitor key technical levels for potential breakouts.
