The GBP/USD pair holds positive ground for the second consecutive day during the early European session on Friday.
GBP/USD pair attracts some buyers above 1.2200 on Friday. The pair holds above the 50- and 100-hour EMAs the the bullish RSI condition. The first resistance level is located at 1.2217; 1.2170 acts as an initial support level. As widely expected, the Bank of England decided to maintain the interest rate unchanged at 5.25% on Thursday. During the press conference, BoE Governor Andrew Bailey stated that an additional rate hike could be appropriate, but Bailey disregarded rate cuts.
A decisive break above the latter will see a rally to 1.2288 . Further north, the next barrier to watch is 1.2300 , en route to 1.2337 . On the downside, the 100-hour EMA at 1.2170 acts as an initial support level. The additional downside filter will emerge near the lower limit of the Bollinger Band at 1.2115. The key contention level is located at the 1.2095–1.2100 area, portraying a psychological mark and a low of October 20. A breach of the level will see a drop to a low of October 26 at 1.
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