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GBP/USD RSI still bullish
The Bank of England decision and accompanying statement today will make life interesting for traders. Understandably momentum has stalled here after a strong two-day move that has taken the pair back above $1.53 for the first time since 24 September. The pair now sits right below the 200-day SMA at $1.5321, and while bullish RSI and MACD are still in place, it may be difficult for cable to push on unless the BoE is firmly hawkish in its assessments.
Upside targets lie around $1.5409 and then on to $1.5478, while support is likely around $1.5247 and then $1.5131.