- GBP/USD bounces-off strong trendline support ahead of BOE.
- Bulls need to recapture the 21-HMA barrier to extend the recovery.
- Hourly RSI turned south but remains in the bullish region.
GBP/USD staged a solid comeback on the 1.2900 level so far this Thursday, although the bulls now appear to lack follow-through ahead of the Bank of England (BOE) monetary policy decision.
The cable found solid bids at the five-day-long rising trendline support, now at 1.2908. However, the rebound faltered at the horizontal 21-Simple Moving Average on the hourly chart (HMA) at 1.2960.
The hourly Relative Strength Index (RSI) holds in the bullish territory but points south, suggesting that the bounce could have run its course.
The immediate support is now seen at the upward-sloping 50-HMA at 1.2921 while it battles the 200-HMA 1.2952, at the moment. To the top side, a firm break above 21-HMA could expose the 1.3000 level.
GBP/USD: Hourly chart