The GBP/USD rallied after the hawkish BoE. The pair may come back to test and rest the broken levels before jumping higher in the short term. A valid breakout through the warning line (wl1) may announce further growth. The GBP/USD price bullish tone intensified after the BoE. Technically, the price was located in a support zone, so a rebound was somehow expected. -Are you looking for the best AI Trading Brokers? Check our detailed guide- Instead, it has registered a strong surge, more than 0.82%, from 1.3609 yesterday’s low to 1.3722 today’s high. As you can see for yourself, the GBP/USD is strongly bullish in the short term after ignoring the 1.3693 high. The Pound has taken full control despite the fact that the UK Flash Manufacturing PMI was reported lower at 54.6 points versus 55.0 expected compared to 55.0 in the last reporting period. In addition, the Flash Manufacturing PMI dropped from 60.3 to 56.3, far below 59.0 estimates. Fundamentally, the British Pound was boosted by the BoE, which left its monetary policy unchanged. The MPC members voted unanimously for keeping the Official Bank Rate at 0.10% as expected. But surprisingly, another member voted to end the QE. This was seen as a bullish sign for the GBP. The US is to release its Flash Manufacturing PMI and the Flash Services PMI later today. Although these figures could bring further action in GBP/USD, the sentiment may alter a little. Get FREE Forex Signals Now! GBP/USD price technical analysis: Fresh highs above 1.3700 GBP/USD 4-hour price chart The GBP/USD price found strong demand around the 150% Fibonacci line of the descending pitchfork. After several false breakouts above the weekly S1 (1.3662), the pair finally managed to ignore the immediate highs and climb as much as 1.3725. -Are you looking for the best MT5 Brokers? Check our detailed guide- The immediate upside target is seen at the first warning line (wl1) of the descending pitchfork. Still, the price could come back to test and retest the 1.3693 and the 1.3689 broken levels in the short term before resuming its upside journey. Worse than expected, US data may boost the pair, which could also jump above the warning line (wl1). Technically, making a valid breakout through the warning line (wl1) could signal further growth towards 1.3750 and up to the 1.38 psychological level. On the other hand, the GBP/USD could turn to the downside anytime as long as it stays under the warning line (wl1). From the technical point of view, the GBP/USD moves sideways between 1.3571 and 1.4001 levels. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/CAD Price Aiming for 1.2650 amid USD Weakness, Risk-on Mode Saqib Iqbal 1 year The GBP/USD rallied after the hawkish BoE. The pair may come back to test and rest the broken levels before jumping higher in the short term. A valid breakout through the warning line (wl1) may announce further growth. The GBP/USD price bullish tone intensified after the BoE. Technically, the price was located in a support zone, so a rebound was somehow expected. -Are you looking for the best AI Trading Brokers? Check our detailed guide- Instead, it has registered a strong surge, more than 0.82%, from 1.3609 yesterday’s low to 1.3722 today’s high. As you can see for yourself, the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.