BOE revises potential GDP growth down to 1.5% on account of slack in labor market and slow growth in productivity. BOE is expected to have cautious approach for further rate hike and to have only 3 rate hike of 25bpbs for next three years.
Technically, pair is trading slightly below 1.3070 low mad e on Oct 27th 2017 and any break below 1.30270 (Oct 6th 2017) will drag the pair till 1.2780 (233- day MA).
On the higher side, near term resistance is around 1.3080 (100- day MA) and any break above will take the pair till 1.3130/1.3175 (55- day )/1.3230. Minor trend reversal only above 1.3380.
It is good to sell on rallies around 1.3080 with SL around 1.3150 for the TP of 1.2785.