GBP/USD - the pound weakens against the dollar after BoE interest rate decision

The pound weakens against the dollar after the Bank of England sees rate cuts on the horizon. Sterling is now trading at around £1.2705 against the dollar after reaching a high of £1.2893 earlier in the month. The short-term bias seems like it is turning bearish with now a potential sell-off towards the 200-day moving average. The support now for the pair sits at £1.2667. A break below this level would then increase the likelihood of a further decline towards £1.2599, which would find the pair just above the 200MA. It would be unreliable to consider any resistance levels at this moment in time unless the support of £1.2667 is upheld followed by consolidation. Looking at the technical indicators, the MACD is negative and the RSI has now faltered as it reads 46.