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GBPUSD : Bullish Trend Remain Intact

(GBPUSD : 4 Hour Chart)

GBPUSD has started following a downward sloping channel trend. The bearish move came after the Bank of England meeting minutes which showed that there is still some slack in the economy which needs to be absorbed. The central bank kept the interest rate unchanged at the record low of .5%. The major concern for the U.K. market is inflation below target level and weak growth in earnings. But if looking at the moving averages on the chart, the pair still seems bullish. The 50 day SMA is moving above the 100 day and 200 day SMA. The 1.6938-1.6919 seems to be a support range for the pair and is currently testing the support at 1.6938 or 23.6 fib level. The pair might rise from this level. If it continues to decline the pair might decline up to 38.2 fib level.