The GBP/USD pair has been mostly ranging between the levels of 1.5497 and 1.5361, since the 2nd of November 2015.
During the course of the session on Thursday, though, the pair plunged from high as 1.5389 to as low as 1.5203, following the announcement of the Bank of England’s rate decision. Provided that the level below 1.5203 is considerably supportive, the pair could be forced to bounce back up. In case that the buyers manage to push the pair higher to break above the level of 1.5295, the price could escalate up to 1.5370 and 1.5389.
Conversely, in the event that the sellers keep exerting strong pressures and the price breaks below the level of 1.5170, the pair could decelerate down to 1.5084.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.