GBP/USD pares gains on the day in fall to 1.2340
The pound got some short-term reprieve from the BOE earlier today but it didn't lead to anything material as cable sellers defended a quick run above 1.2400 to keep the downside pressure going in the pair.
BOE's Bailey also just came out to reaffirm that they are mainly waiting for the June meeting before deciding anything material, that includes any decision about QE.
In hindsight, that makes the initial BOE announcement and dissent sound even more immaterial since they aren't really having a big divide in opinion about more stimulus.
As cable pares gains on the day, this puts the near-term focus back on support around the 1.2300-10 region once again. Break below that and a test of the 21 April low @ 1.2248 should be on the cards next.
