Having no particular reason today the GBP/USD pair is seen uplifted and leaving the tight range from the past several sessions. One thing is sure, the spirit level is higher ahead of BOE’s rate decision on Thursday, when the first rate hike from a decade is expected. The Central bankers are going to rise the rates by 25 basic points on the back up of resilient post-Brexit UK economy.
The GBP/USD is trading up with 0.29% for the day with current market price 1.3245.
From technical point of view, the short term outlook is neutral to bullish. On the four hour time frame the price has crossed to above the 20-day and 100-day SMA, while the 200-day SMA is staying flat and is acting as a dynamic resistance around 1.33 level. Stochastic is located withing extreme overbought territory, but has lost directional strength. RSI is marking higher highs and lowers lows and is aiming north.
Having in mind above, bulls are well supported, but first will have to conquer the immediate resistance at 1.3275 (23.6% Fibonacci retracement of early October bullish run) with next target on the psychological level 1.3300.
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