GBPUSD fell sharply on Thursday as price inched closer to the identified support area of 1.2368.
The declines came on the back of the BoE meeting and a weak economic outlook.
With the support level near 1.2516 clear, price action has been in a steady decline.
The dip to 1.2368 will potentially see a short term bounce in price. It will also confirm the correction to the downside.
We expect GBPUSD to remain range-bound within 1.2516 and 1.2368 for the short term.
breakout from either of these levels will then set the stage for the next direction for price.