• GBP/USD declined sharply on Thursday as sterling attracted sellers after the Bank of England cut interest rates to a record-low 0.25 percent from 0.5 percent.
   
• BoE also announced that it would buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union
   
• Currently, the currency pair is trading at 1.3067 levels, it is set to decline towards 1.3000 later towards 1.2960 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.3211, a break above this level would expose the cable to next resistance level at 1.3246 levels.
   
• To the downside, immediate support can be seen at 1.3067, a break below at this level will open the door towards next level at 1.3000.
  
  Resistance Levels
  
  R1:  1.3131 (38.2 % Retracement level)  
  
  R2: 1.3211 (23.6 % Retracement level)
  
  R3: 1.3246 (July 28th high)
  
  Support Levels
  
  S1: 1.3067 (50 % Retracement level)       
  
  S2: 1.3000 (61.8 % Retracement level)
  
  S3: 1.2962 (July 12th lows)