The pound sterling continued to climb on Thursday.
The gains come as the Bank of England has held its monetary policy meeting. As expected, the central bank made no changes to its stimulus purchases or interest rates.
The GBPUSD managed to keep pushing higher briefly testing 1.3600 intraday. Price action has already tested a new two-year high.
In the short term, any pullback could see the three levels 1.3500 – 1.348 coming as support. Therefore, if the cable manages to establish support at this level, we may see additional near-term gains.
Watch out for the minor trendline which could potentially trigger a downward movement in price if breached.
This will then potentially open the GBPUSD to a further test of the 1.3300 support level.