FXstreet.com (Barcelona) - GBP/USD declined to an intra-day low of 1.4035 after the BoE cut rates to 0.5% but it has rallied during Asian session, having broken 1.4190/1.4200 resistance level, the Sterling trades around 1.4275 on its way to 1.4290 resistance.

The Pound has jumped strongly above 1.4200 and aims towards 1.4290 Mar 2 high. Above here 1.4345 and 1.4375 (Feb 26 high) are the next resistance levels. On the downside, rejection from 1.4290 could produce a downward reaction to 14200; once below here 1.4135 would come into focus, and then 1.4080/1.4100.

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank the Sterling's rallies could slow down over the next days: Bravely picking itself up off the bottom of the downward-sloping 'wedge' formation, but just when the Ichimoku 'cloud' got wide again. This might slow down rallies over the next few days allowing other major currencies to pull their weight this time round.