GBP/USD holds 1.3150 ahead of crucial BoE rate decision

GBP/USD maintains its position near recent highs at 1.3155, showing minimal movement (-0.05%) as traders position cautiously ahead of today's Bank of England policy decision. The pair has established strong support at 1.3120, with bulls defending this level throughout Asian and early European sessions. Market consensus expects the BoE to hold rates at 5.25%, but focus remains on the voting split and forward guidance amid persistent UK inflation concerns. Recent UK CPI data at 2.2% remains above the 2% target, potentially supporting a hawkish stance. Technical analysis reveals resistance at 1.3180 (weekly high), with a break above potentially targeting 1.3200. The 50-day moving average at 1.3090 provides additional support. Today's BoE decision could trigger significant volatility, with hawkish surprises likely to propel sterling toward 1.3200, while dovish commentary might test support at 1.3120.