The GBPUSD pair has moved to trendline resistance, hitting 1.3310, after the Bank of England Minutes revealed that BOE policy makers think that ‘some withdraw of monetary stimulus will likely be appropriate over the coming months’.
Sterling had earlier spiked lower to 1.3153, as the BOE kept interest rates on-hold, with Monetary Policy Committee members voting 7-2, which was in-line with most economist’s expectations.
The GBPUSD pair has regained bullish momentum, with traders now looking for further daily time-frame price closes above the key 1.3268 level, for further confirmation of continued upside.
Key technical resistance above the 1.3310 level is located at 1.3328, 1.3348 and 1.3380. Above the 1.3380 level, the GBPUSD pairs 100-week moving average is located at 1.3398.
Key intraday GBPUSD technical support below the key 1.3300 level is located at 1.3289, 1.3268 and the pairs daily pivot point, at 1.3252.
