The Bank of England (BoE) maintained its monetary policy but did raise its own forecasts on the economy, inflation and unemployment. Normally, improved expectations would move the bank's rhetoric towards a rate hike. However, the BoE said it wants to be cautious through the whole Brexit process. It was probably this Brexit-focused uncertainty that pressured the British Pound Today. The GBP/USD for example stopped its rally and looks like it could be in a bearish reversal.GBP/USD 4H Chart 2/3(click to enlarge)Bulls Stop at 1.27:- As we can see on the 4H chart, the GBP/USD rallied from around 1.20 about 2 weeks ago to 1.27 during the 2/2 session right before the BoE announcement.- After the policy announcement, price fell sharply and closed the 2/2 session just above 1.25. 1.24-1.2420 is Critical Support:- The 1.24-1.2420 area involves a psychological level and is a support/resistance pivot area. - If price falls below 1.24, we should anticipate a dip towards 1.20.- A hold above 1.2420 on the other hand would be a strong indication that GBP/USD is still bullish.- In this bullish scenario, the 1.2660 pivot, the 1.27 high and then the 1.2760-1.2770 support/resistance pivot area would be targets. EUR/GBP 4H Chart 2/3(click to enlarge)Looking for Breakout from Consolidation:- The EUR/GBP has been holding above 0.85 during the 2/1 session and shot up above 0.86 after the BoE statement.- The 4H chart shows a pair that is essentially in consolidation.- Let's see if the current rally can extend into the Friday 2/3 session and push above 0.8650.- A break above 0.8650 would be a sign that the EUR/GBP is back on a bullish trend.- 0.87 would be the first challenge, but above that, we should anticipate upside towards the 0.8850 high.