GBP/USD finds some support, bounces to 1.3175

After plunging to weekly lows at 1.3115 region, the GBP/USD pair seems to have found some intermediate support and has now retraced few pips to currently trade back around 1.3175 region.

Although, BOE decision to cut interest rates for the first time in seven years was already priced-in the markets, a surprise expansion of the central bank's Asset Purchase Facility by £60 billion to £435 billion sent the major spiraling lower.

As the BOE Governor Mark Carney press conference got underway, the pair seems to have found some support at lower levels. BOE Governor Mark Carney reassured to take take all necessary actions to combat the post-Brexit economic fall-out. 

However, the comments might now fuel expectations of additional monetary stimulus in the near-future and might restrict any swift recovery for the pair. 

With BOE monetary policy decision out of the way, focus now shifts to one of the most important economic indicator from the US, monthly jobs report, popularly known as NFP slated for release on Friday.

Technical levels to watch

On the immediate upside, 1.3200 handle (200-hourly SMA) now seems to restrict immediate recovery, which if cleared decisively should lift the pair back towards 1.3260-65 resistance (100-hourly SMA). Meanwhile on the downside, 1.3100 round figure mark might continue to extend some support, below which the pair seems to drift towards retesting an important support near 1.3070-60 region.