GBP/USD Technical Analysis: Remains capped below 1.3070-80 supply zone post-BoE

   •  The pair once again failed to decisively break through the 1.3070-80 supply zone as the latest BoE monetary policy statement offered little for bullish traders.

   •  Concerns over Brexit uncertainty and some risks from global trade tension were largely offset by higher Q3 economic growth outlook, now seen at +0.5% q/q.

   •  Technical indicators on the daily chart are yet to pick up positive momentum but have managed to hold above neutral zone, with a mildly positive bias.

   •  This coupled with the fact that the pair has managed to hold comfortably above an ascending trend-line and 100-hour SMA support prospects for a move higher.
 

GBP/USD 1-hourly chart

Spot Rate: 1.3045
Daily Low: 1.3026
Daily High: 1.3071
Trend: Bullish

Resistance
R1: 1.3071 (current day swing high)
R2: 1.3100 (round figure mark)
R3: 1.3130 (horizontal zone)

Support
S1: 1.3025 (ascending trend-line support)
S2: 1.3000 (100-period SMA H1)
S3: 1.2980 (overnight swing low)