The BOE raise rates by 25 basis point, but the rate hike was considered more of a dovish/bearish hike. Economic forecasts call for sharply higher inflation to year-end, and declining growth. That sent the GBPUSD tumbling lower and below the low from last week at 1.24103. The price has reached a new 2022 low and low going back to June/July 2020 at 1.23603 today (so far).
There was a swing low in early July 2020 near 1.24372 before the price based against its 100 day moving average and started to move to the upside (at that time). That level combined with the low price from last week at 1.24103 is close risk on the daily chart now (see chart above).
Drilling to the hourly chart below, the GBPUSD pair moved above its 200 hour moving average yesterday on the back of the weaker dollar after the FOMC relief rally (in stocks and USD selloff). Those gains started to be eroded ahead of the Bank of England decision. The price tumbled through the 100 hour moving average after the decision and the selling did not abate until reaching the 1.2360 level. There is some slowing of the declines.
The high price after falling below the 2022 low at 1.24103, moved up to 1.2413 - just above that old low level - before rotating back to the downside.
Stay below 1.24103 now keeps the sellers firmly in control. A move above could lead to some disappointment on the new break with the 1.2437 level as another level to get to and through (off the daily chart). The low price from yesterday at 1.24503 and the swing low area between 1.2465 and 1.2473 would be other upside targets to get to and through if the buyers are to take more control in short-term.
Absent that, and the sellers remain in control.