Technical Analysis: GBPUSD pierces weekly resistance line after BOE's rate decision
Despite announcing no change in its present monetary policy, as expected, the BOE managed to propel GBPUSD by over 70 pips after the upbeat statements. With that, the Cable pair crossed the weekly resistance line and is currently confronting 61.8% Fibonacci retracement level near 1.2400. While traders may wish to wait for Governor Andrew Bailey's press conference, at 09:00 GMT, a sustained run-up past-1.2400 could aim for a 200-HMA level of 1.2450. Further, the pair's extended rise might target Tuesday's top surrounding 1.2480 ahead of figures beyond 1.2510 resistance.
Meanwhile, dovish comments from the BOE's Bailey might drag the pair back below the resistance-turned-support line of 1.2380 to 1.2300. However, 1.2270 and 1.2245 can avail help from RSI conditions to limit the further downside of the pair.