Anna 
In the European morning session on Friday, the GBP/USD pair continued its upward trajectory for the second consecutive day. As expected, the Bank of England maintained the interest rate at 5.25% on Thursday. During the press conference, Bank of England Governor Bailey mentioned that further rate hikes might be appropriate but did not reference rate cuts. The currency pair is currently trading near 1.2208, marking a 0.08% increase for the day.
On the 4-hour chart, GBP/USD is positioned above both the 50-hour and 100-hour Exponential Moving Averages (EMA), providing temporary support for the bullish trend. Furthermore, the Relative Strength Index (RSI) is in the bullish territory above 50, suggesting minimal resistance for the Pound’s upward movement.
Short-term resistance levels converge at the upper end of the Bollinger Bands and the high point from October 16th at 1.2217. A decisive break above the latter is likely to propel the Pound higher towards 1.2288 (the high point from October 24th). Further upwards, the next hurdles to watch out for are at 1.2300 (a psychological level) and 1.2337 (the high from October 11th).
On the downside, the 100-hour EMA at 1.2170 serves as the initial support level. Further support can be found near the lower end of the Bollinger Bands at 1.2115. A key support area lies at 1.2095-1.2100, encompassing both a psychological level and the low point from October 20th. A breach of this level could lead the Pound lower to the low from October 26th at 1.2066.
