• GBP/USD grinds higher past short-term key hurdle ahead of BoE Interest Rate Decision.
• 100-HMA prods intraday Cable buyers amid pre-BoE anxiety.
• 200-HMA, fortnight-old support line keep buyers hopeful amid upbeat oscillators.
• Strong UK inflation bolsters hawkish BoE bets, markets expected 25 bps rate hike previously.

GBP/USD remains sidelined around 1.2770 amid early Thursday in Asia, struggling to extend the previous day’s upside break of a short-term key resistance line ahead of the all-important Bank of England (BoE) Interest Rate Decision. In doing so, the Cable pair portrays the pre-BoE anxiety while marking failure to cross the 100-Hour Moving Average but stays on the bull’s radar.

Not only the upside break of a one-week-old descending trend line, now immediate support around 1.27660, but the Pound Sterling’s successful trading beyond the 200-HMA joins the bullish MACD and RSI to also keep the GBP/USD buyers hopeful.

Additionally, the previous day’s strong UK inflation data also underpins the bullish bias about the Cable pair.

That said, a clear upside break of the 100-HMA hurdle surrounding 1.2780 becomes necessary for the GBP/USD pair to refresh the monthly high, currently around 1.2850.

In doing so, the 61.8% Fibonacci Expansion (FE) of its June 12-21 moves, near 1.2910, will be in the spotlight.

On the flip side, the GBP/USD pair’s fall past the resistance-turned-support line of 1.2760 could drag the Pound Sterling towards the 200-HMA support of 1.2695.

Following that, an ascending support line from June 05, close to 1.2655 at the latest, will act as the last defense of the Cable pair buyers