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GBP/USD under pressure ahead of BoE

FXStreet (Córdoba) - GBP/USD failed to sustain the move above 1.6000 and came back under pressure ahead of the Bank of England monetary policy decision.

GBP/USD made an attempt at the psychological level but failed and turned lower despite above forecast UK industrial production data. After hitting a daily high of 1.5996, Cable fell all the way back to the 1.5940 zone, where it is trading, 0.18% below its opening price.

Bank of England decision is due at 12:00 GMT, with consensus pointing to another meeting on hold. However, investors will be watching to see if hawks Weale and McCafferty managed to persuade any other MPC members to vote to hike rates immediately.

GBP/USD levels to watch

As for technical levels, next supports are seen at 1.5900 (psychological level) and 1.5868 (2014 low Nov 5). On the flip side, resistances line up at 1.6000 (psychological level) and 1.6023 (10-day SMA).

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