The Bank of England will announce its monetary policy meetings result today. They are expected to keep their interest on hold at 0.25%. Sterling has been developing higher against the greenback as it posted a new one-year high at 1.3251. The bounce off the 1.1978 support barrier helped the GBP/USD pair to extend its gains and is now developing within an ascending move since January. In the previous days, the pair jumped above the 1.3150 barrier and is moving towards the 1.3445 resistance obstacle.
The technical structure suggests further bullish movement as both indicators are holding within extreme overbought levels. On the daily basis, the MACD oscillator is rising above its trigger line, whilst the RSI indicator lies above the 70 level and is strengthening its momentum. In addition, on the same short-term timeframe, the three simple moving averages (50, 100 and 200) are pointing north, signaling for further rising.