FxWirePro: GBP/USD slips towards 1.2400 level ahead of Bank of England rate decision

• GBP/USD fell sharply on Thursday as sterling attracted sellers ahead of the Bank of England's policy decision.

•  Markets price in a 94% chance the BoE will cut rates by 25 basis points to 4.5% on Thursday, after which investors do not see a second easing until June.

• The Bank will also publish its latest projections for the economy. Markets expect the BoE to cut rates three times in 2025, and price in a total 82 bps of easing this year.

• At GMT 11:05, the pair was trading down 0.69% at 1.2417 .

•   Immediate resistance is located at 1.2532( 50%fib), any close above will push the pair towards 1.2632(Higher BB)

•  Strong support is seen at 1.2416(38.2%fib) and break below could take the pair towards 1.2347(Jan 24th low).

  Recommendation: Good to sell  around 1.2430, with stop loss of 1.2480 and target price of 1.2360