The currency pair fluctuated in a range last week but stays within the ascending channel. GBP/USD stays above 1.3846. Bank of England meeting was among the most important events last week. BoA bankers have decided to change nothing in the monetary policy. 

We expect GBP/USD to test 1.3846. If it breaks this support down, GBP/USD will develop its local downtrend targeting the ascending trend line. Otherwise, GBP/USD is going to grow.