Ahead of BoE decision
The Bank of England is expected to hold its benchmark rate at 0.10% later today.
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Yesterday, official data showed that U.K. CPI grew 0.5% on year in May (as expected). Meanwhile, the Bank of England is expected to hold its benchmark rate at 0.10% later today, while asset purchase target is anticipated to rise to 745 billion pounds from 645 billion pounds.
From a technical point of view, on a daily chart, GBP/USD remains supported by a rising trend line and by its 50-day moving average (in blue). The daily RSI stands within its buying area between 50 and 70. Readers may therefore consider the potential for further up move above horizontal support at 1.2335. The nearest resistance would be set at June top at 1.2810 and a second one would be set at set at March high at 1.3200 in extension.
Source: TradingView, GAIN Capital
Yesterday, official data showed that U.K. CPI grew 0.5% on year in May (as expected). Meanwhile, the Bank of England is expected to hold its benchmark rate at 0.10% later today, while asset purchase target is anticipated to rise to 745 billion pounds from 645 billion pounds.
From a technical point of view, on a daily chart, GBP/USD remains supported by a rising trend line and by its 50-day moving average (in blue). The daily RSI stands within its buying area between 50 and 70. Readers may therefore consider the potential for further up move above horizontal support at 1.2335. The nearest resistance would be set at June top at 1.2810 and a second one would be set at set at March high at 1.3200 in extension.
Source: TradingView, GAIN Capital
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