The Great Britain Pound (GBP) inched lower against the US Dollar (USD) on Thursday, dragging the price of GBPUSD to less than 1.2650 amid some key economic events. The technical bias remains bearish because of a lower high in the recent upside wave.

Technical Analysis

As of this writing, the pair is being traded around 1.2611. A hurdle can be noted near 1.2650, the psychological number ahead of 1.2774, the swing high of the last major upside rally and then 1.3444, the high of October 2016 as demonstrated in the given below daily chart.

On the downside, the pair is likely to find a support around 1.2521, a short term horizontal support ahead of 1.2300, the confluence of psychological number as well as trendline support and then 1.1916, the swing low of 2016.

BoE Monetary Policy

The Bank of England Monetary Policy Committee (MPC) left interest rates on hold at 0.25% following the latest policy meeting. There was a 9-0 vote for keeping rates unchanged. The committee still considered that the current monetary policy remained appropriate to balance the demands of its remit in managing the trade-off between growth and inflation. There was no switch to a tightening bias and no changes to the bond-buying programme with the bank waiting for further evidence before considering a move in either direction.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels appears to be a good strategy in short to medium term.