The deterioration in risk sentiment, risks of a dovish repricing in the BoE rate expectations.. Money markets are currently pricing around 150 bps of additional BoE rate hikes by year-end from 160 bps on Friday. Technically there are 2 reasons that make GBPUSD bullish: 1. Several times the price can't breakout the support area . 2. Oversold on the RSI 14. Historically, when the price touches the support area and a oversold occurs, the price will be bullish going forward, but a breakout of the support area also possible.