The GBP/USD pair is completing the third positive day in a row ahead of the Bank of England interest rate decision tomorrow. The price traded above the 1.3280 strong barrier, which is near with the Fibonacci retracement level (low at 1.2110 and high at 1.3655) and the 50-day SMA. The cable was trading within the 50 and 100 SMAs over the last session and after the bounce off the 38.2% Fibonacci retracement level will probably meet the 1.3340 resistance handle. Moreover, if the price obtains further bullish tendency will extend its gains towards the 1.3615 barrier. On the other side, a slip below 1.3280 will open the way for the 1.3200 psychological level, which is near with the 100-SMA on the 4-hour chart.
The technical structure suggests upward movement as both indicators are rising. The MACD oscillator is moving higher in the negative territory above the trigger line, whilst the RSI indicator entered the positive path but is flattening within the 50 and 70 levels. It is worth to mention that on the medium-term timeframe, the price is trying to surpass the 100-SMA.
