The Bank of England (BoE) voted to hold its benchmark interest rate to 0.25%. But it noted inflationary pressure on the pound that stems from the BoE's dovish measures since the Brexit referendum. The Monetary Policy Committee (MPC) voted 8-1, with Kirstin Forbes giving the lone vote for a rate hike. BoE Monetary Policy Summary and Minutes - March 15, 2017 (pdf)While there was no policy change, the shift in tone towards inflation concerns and optimistic growth outlook could lead to a shift in policy later this year. The possible change in direction from a dovish campaign to a hawkish one is making the pound attractive. Let's take a look at the EUR/GBP.1H chart:(click to enlarge)Topping:- Even before the BoE statement, the EUR/GBP seemed to have found a price top around 0.8790. - We saw the market trying to test the price top before the BoE vote. After the vote, EUR/GBP fell sharply, respecting the price top, and signaling a bearish outlook for EUR/GBP at least in the short-term.- However, the market was not committed to the pound as EUR/GBP approached this week's low. - Descending Triangle:- After the bounce, price did not go much higher before the market bought the pound and sold the euro again. Essentially, we can see a descending triangle type action, with lower highs, but lows at the same level.- The bearish price action since the price top is suggesting a shift to pound strength.- I think in the short-term, price will likely break this week's low to test a support resistance pivot area around 0.8640.- We can anticipate a stronger push towards 0.86 as well.