BoE holds Interest Rates unchanged

Earlier this morning, the Bank of England left its Monetary policy unchanged, as expected, with Interest Rate maintained at 0.1% and Quantitative Easing maintained at GBP 745 billion. Monetary Policy Committee members were unanimously in favor of status quo.

From a technical point of view, on a daily chart, GBP/USD has broken above the upper boundary of bullish channel in place since May and remains on the upside. It also remains supported by its rising 50-day moving average (in blue). The daily RSI is well directed but overbought. Readers may therefore consider the potential for further advance above horizontal support at 1.2670. The nearest resistance would be set at horizontal resistance at 1.3205 and a second one would be set at set at 2019 top at 1.3515 in extension.

Source: TradingView, GAIN Capital

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