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Overall, GBP/USD is trending downwards. Recently, GBP/USD moved higher to the key level of 1.29. Yesterday, the Bank of England (BoE) kept interest rate unchanged at 0.10%. Although the central bank did not carry out any new monetary policy changes, they were discussing on how to implement negative interest rates effectively in a scenario whereby the UK economy worsens. The UK Retail Sales m/m data (Forecast: 0.8%, Previous: 3.6%) will be released later at 1400 (SGT). Currently, GBP/USD is bouncing off the resistance zone of 1.30000 and the next support zone is at 1.28000. With the dovish outlook from the BoE, look for selling opportunities of GBP/USD.