The GBPUSD’s move to the downside, comes after an up and down and back up day session yesterday. The BOE raised rates by 25 basis points but the statement was a bit softer on expectations (and there was one dissenter wanted rates to remain unchanged). The price moved sharply lower on the news, but rebounded by the close (it did remain below a key swing area near 1.3186 it 1.31945).
Today, looking at the hourly chart, the pair tried to move toward that higher swing area but found early sellers in the early Asian session. Since then, the price has moved back down toward the 200 hour moving average at 1.30999 and its rising 100 hour moving average at 1.30923.
Below that is a swing area (which held support yesterday on the dip after the BOE decision) between 1.3080 and 1.30878.
If the price is able to move below that cluster of support, it would increase more the bearish bias.