Markets don’t expect any big change from the Bank of England in today’s meeting. BOE won’t likely change the rates or the asset purchase programs. But there is a small chance of front-running some purchases like ECB to slow down the bond rate surge. BOE also may improve first-quarter GDP expectations because of the recent better-than-expected data.
GBPUSD is currently pricing in the 1.38-1.40 range since late February, and in the bullish trend channel since early November. As long as the price stays above 1.38, the bullish sentiment may continue and GBPUSD rises within the trend. 1.40 is major resistance in the short-term and breaking of this level may cause GBPUSD to surge to the upper level of the trend channel.
For downward move, below 1.38, 1.35 is key support for medium to long-term movements. GBPUSD may want to test back this level before another bullish wave.