Above is the 4-hour chart of Sterling. After BOE announcing low interest rate, the bearish trend just can't be stopped.
Currently it has reached its support line again, as shown in green. The line could provide some support to the pound, pushing the price up to a certain level.
On the other hand, the red line is the short-term resistance. We can see that it is currently at around 1.627; therefore, we would expect a strong selling force at this level if GBP could bounce back there.
One more evidence supporting the bounce of Sterling is that MACD reaches support line as well. This may stop MACD from dropping further and thus the price would not continue sharp falling.
So the overall picture still tends to be bearish, but there would probably a short-term bounce to 1.627.
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