Cable continues to travel south after BoE disappointed expectations for rate hike

GBPUSD

Cable remains firmly in red and extends weakness below 1.3500 mark, following a massive fall on Thursday (down 1.35%, the biggest one-day drop since 18 Mar 2020), sparked by BoE disappointment.
The Bank of England kept rates unchanged on Thursday although many expected the British central bank to be the first among major world central banks to start hiking after pandemic, pricing in 0.15% raise in November’s policy meeting.
The decision strongly soured the sentiment, sending pound to five-week low that significantly weakened near-term structure.
Fresh bears eye key support at 1.3411 (2021 low, posted on Sep 29) to fully retrace 1.3411/1.3834 recovery leg and signal continuation of larger downtrend from 1.4249 (2021 high).
Break of 1.3411 pivot could extend bears towards 1.3164/56 (Fibo 38.2% of 1.1409/1.4249, Mar2020/Jun2021 rally/ base of thick weekly cloud) that would unmask psychological 1.30 support.
Thursday’s massive bearish candle weighs heavily, as bearish momentum continues to strengthen on daily chart, but oversold condition suggest bears may face headwinds on approach to 1.3411, however, firm bearish signals from weekly chart suggest that bears remain in play and corrective upticks would offer better selling opportunities.
Immediate resistance lays at 1.3511 (session high / broken Fibo 76.4% of 1.3411/1.3834), followed by more significant 1.3570 zone (former higher base / broken Fibo 61.8%) which should cap the upticks and keep bears intact.

Res: 1.3511; 1.3543; 1.3570; 1.3605
Sup: 1.3433; 1.3411; 1.3312; 1.3280