FXstreet.com (Barcelona) - The Pound has dropped about 50 pips in the moments immediately after the BoE announced its 0.50% rate cut to 0.50%; the GBP is trading at 1.4050 10 min after the release.

On the Way down Pound could drop all the way to 1.3990 (Mar 4 low), if the Pound goes below here, it will be at levels not seen since late January, with next support at 1.3915 and below here 1.3800. On its way up, recovery above 1.4090 should extend to 1.4135 in order to confirm an intra day low and once above here, next resistance line could be 1.4200.