The official bank rate will also be shown today in the UK. Ahead of this data, the Cable stays relatively strong and continues the upswing that started on Monday. In the bigger timeframe, we are in the bullish correction of a downswing which started a week ago. Currently, the price is bouncing from the 1.6475 resistance, which is also around the 50% Fibonacci retracement. The price is now aiming for the short-term trendline (blue). Breaking this one can have a negative impact on this pair. On the other hand, yesterday, we broke the 1.6430 resistance which will now be one of the closest supports (upper green line). When the interest rates are shown, the GBP/USD is usually very volatile and the S/R levels do not pay an important role, but it is highly probable that breaking the 1.5475 can trigger another bullish wave.
GBP/USD Hour Chart
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