(Bloomberg) - Bank of England policy makers indicated there’s still a chance of another rate cut this year as they assess the potential longer-term fallout from Britain’s decision to leave the European Union.While the nine-member Monetary Policy Committee noted that recent near-term datahad been stronger than anticipated since the Brexit vote, it couldn’t draw inferences for its longer-term forecasts. Even though initial reports had been “slightly to the upside” of projections published in August, officials said their view of the “contours of the economic outlook” hadn’t changed. (more on bloomberg.com)Let's take a look at the GBP in GBP/USD and EUR/GBP:GBP/USD 4H chart 9/15(click to enlarge)Confirming bearish breakout:- First of all, we should note that GBP/USD has been consolidating after a bearish trend, so it is neutral-bearish.- GBP/USD retreated before 1.3450 and extended below a rising trendline earlier this week. - Then, we saw a pullback. However, as the market looked to the BoE monetary policy statement, it sold the GBP again. - As price respected the 1.3277 pivot, GBP/USD is confirming a bearish trend at least in the short-term.- At this point, a retest of the 1.3150 area is likely with risk of extending towards 1.3070. EUR/GBP 4H Chart 9/15(click to enlarge)Bullish continuation:- Since Mid-August, EUR/GBP has been in a bearish correction. - This bearish correction even cracked a rising channel support.- However, price did find support at 0.8350 and has been rallying since earlier in September.- This week, price extended higher and then consolidated ahead of the BoE event.- After the BoE statement, price action looks poised to continue the recent recovery, exposing the 0.86 handle up to a previous resistance pivot (in July) at 0.8625.