The British pound continues to trade under the 1.3100 level against the US dollar as today’s Bank of England rate decision comes into focus. The GBPUSD pair still has a lot of scopes to recover higher, given that price has declined significantly since the start of the trading week. Bulls need to defend the 1.3000 support level to encourage traders to start to buy the GBPUSD pair again.
The GBPUSD pair is only bullish while trading above the 1.3200 level, further upside towards the 1.3300 and 1.3375 levels then seems possible.
If the GBPUSD pair trades below the 1.3200 level, key support is found at the 1.3050 and 1.3000 levels.
