GBP/USD Price Forecast: Remains sticky around 20-day EMA in countdown to BoE’s policy
GBP/USD trades calmly at around 1.3475 as of writing. The near-term trend has turned sideways as the price remains close to the 20-day Exponential Moving Average (EMA) at 1.3468 for over two weeks. The Relative Strength Index (RSI) around 52 hints at steady, modestly positive momentum rather than an overextended advance, leaving scope for gradual upside as long as price stays anchored above nearby supports. On the topside, initial resistance emerges at the 50.0% Fibonacci retracement at 1.3509, with further barriers at the 61.8% level near 1.3593 and then 1.3712 and 1.3864, corresponding to the 78.6% and 100% retracements, respectively. Looking down, immediate support is reinforced by the 38.2% retracement at 1.3425; a downside move below that level would expose the 23.6% level around 1.3321, while only a drop toward the structural floor near 1.3154 would seriously undermine the current constructive tone. Economic Indicator BoE Interest Rate Decision The Bank of England (BoE) announces its interest rate decision at the end of its eight scheduled meetings per year. If the BoE is hawkish about the inflationary outlook of the economy and raises interest rates it is usually bullish for the Pound Sterling (GBP). Likewise, if the BoE adopts a dovish view on the UK economy and