GBPUSD at key support ahead of the Bank of England

Ahead of the Bank of England rate decision tomorrow the GBPUSD has slumped to the 1.2700 level, and more specifically channel support at 1.2680. This is a key support ahead of the bank of England rate decision tomorrow. The fall has been fairly aggressive since the 1.3100's so any rally attempt following a hike (25bps or a 50bps with a dovish slant) may find sellers on any rally towards the 1.2850 level.