With the Bank of England (BOE) holding a benchmark rate unchanged at 0.10% while announcing no change in Quantitative Easing (QE) corpus of £745 billion, GBPUSD bulls take a sigh of relief while crossing a downward sloping trend line from January 31. While the status-quo was widely anticipated, the policymakers' upward revision to the GDP and expectations of softening in the Unemployment Rate seems to have failed the buyers. However, Governor Andrew Bailey's speech is still pending for action, up for publishing at 11:30 GMT, which may offer any surprises should negative rates being uttered. As a result, GBPUSD traders should wait for a daily break above 1.3175 to aim for 1.3200 and late-January top close to 1.3210. However, the pair's further upside will be able to challenge the December 31, 2019 peak of 1.3283 before targeting the year 2019 top of 1.3514.
Should the pair fail to keep the recent upside momentum and drops below 1.3100 immediate support, Tuesday's low around 1.2980 could lure the bears before June month's high of 1.2812. Though, the pair's further weakness will be confined by the 1.2700 threshold as it comprises a 200-day SMA and 61.8% Fibonacci retracement level.