The British pound Sterling continued to rise higher on Thursday.
The gains come as the Bank of England held its monetary policy meeting. As expected, the central bank did not make any changes to its stimulus purchases or interest rates.
The GBPUSD managed to continue pushing higher as it briefly tested 1.3600 on an intraday basis. Price action has already tested a new two year high.
In the near term, any pullback could see the 1.3500 – 1.348 three-level coming in as support. Therefore, if the cable manages to establish support at this level, we could see further gains in the near term.
Mind the minor trendline which could potentially trigger the downside move in prices if it is breached.
This will then potentially open the GBPUSD towards re-testing the 1.3300 level of support once again.