GBP/USD bullish

Since the beginning of the week the GBP/USD pair performed excellent and is showing signs that the rally might be extended. During today’s session the pair pinned new fresh high at 1.2495, which is the highest level since 7th of October. 

Of course today a good pack of fundamental news was served and supported the Pound. The UK Markit services PMI for October showed very good numbers and BoE, as it was expected, announced that will keep its monetary policy unchanged.

RSI is indicating an extreme overbought market, but continues to support the bulls and another trigger seems to be the crossing the 50-day and 100-day moving averages. Stochastic is also showing overbought conditions and is slightly loosing strength.

The pair is facing strong resistance at 1.2480,second one is placed at 1.2775. Support is seen at 1.2230 and lower at 1.2090.