• GBP/USD ebounded strongly on Thursday as sterling attracted buyers after Bank of England cut rates by 25bps .
• Monetary Policy Committee (MPC) voted 8-1 to cut rates to 4.75% from 5%, a stronger majority than expectations in a Reuters poll for a 7-2 vote in favour of a cut.
• Attention now turns to the Federal Reserve's policy decision later today, with markets largely anticipating a 25 basis point rate cut.
• Immediate resistance is located at 1.3047( Nov 5th high), any close above will push the pair towards 1.3074 (50% fib)
• Strong support is seen at 1.2987(38.2% fib) and break below could take the pair towards 1.2959 (5SMA).
Recommendation: Good to buy around 1.3000, with stop loss of 1.2920 and target price of 1.3080