GBP/USD - Surged Ahead BoE Meeting - 02/02/2017 (GMT)

All eyes today will be on the British pound as the Bank of England will announce its interest rate decision. The GBP/USD pair had a pretty strong day in Wednesday’s session and it surged more than 1.3% over the last two days, following the rebound on the 1.2415 support level which coincides with the 50 and 100 SMAs on the daily chart. Sterling jumped above the 1.2600 key level against the U.S. dollar and hit the 1.2680 resistance level.

The RSI indicator is following a positive path, above the 50 level and is slightly below the overbought area, while MACD is moving higher above its trigger and zero lines with strong momentum. Immediate resistances are seen at 1.2730 and even more the 1.2775 obstacle, if the price climbs above the 1.2680 barrier.