GBP/USD stays in a downward price channel in the chart, and remains in downtrend from 1.6822. Deeper decline could be expected, Resistance is at the upper line of the channel, only a clear break above the trend line resistance could trigger another rise towards 1.7000. Bank of England's Governor Mark Carney yesterday unveiled a radical shake-up of the Bank of England, introducing sweeping changes to senior management and its operations – including the appointment of only the second woman to fill a senior role at the Bank of England in more than 300 years. Traders will eye today's events, unemployment change, MPC Asset Purchase Facility Votes, and Annual budget release.

At yesterday's trading session, the pair broke the short-term moving averages, taking support at the 50.0 Fib level and well managed to close above the 50SMA. In Asia, the pair is trading above the 40EMA. On the up side, the pair will face resistance level at the level of 1.6630. We will see fresh buying only above this level.

Positional basis-

On the downside, 1.6587 and 1.6545 is acting as strong support levels. Once the price breaks yesterday's level of 1.6545, we will see huge fall towards the levels 1.6425, 1.6382, 1.6251.

Intraday basis-