The Bank of England cut its inflation forecast. This news created bearish views on the pound sterling and pessimistic view of the country's economy. At the previous session, the pair erased its Tuesday gains. At Tuesday's session, the pair made a new high, but was unable to close above that. In case if the price closes above 184.33, it can challenge 185.50 and 187.50 in the near term. We can expect some correction, in case if the pair doesn't close above 184.33 by the end of this week. Today in Asia's session, the pair managed to hold previous day's low at 182.00. Below 182.00, the pair has support at 181.79. We expect a steep correction below the 181.79 levels. Before making new high, in case if the price corrected below 181.09, we can complete a broadening top.
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