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GBP/USD contained by 1.5800, so far

FXStreet (Córdoba) - GBP/USD remains on the back foot, having lost around 100 pips throughout the day, after the BoE Quarterly Inflation Report delayed rate hike expectations, mounting pressure on pound.

GBP/USD was heavily sold-off following the QIR but the 1.5800 has managed to contain the downside so far. Having hit a low of 1.5800, Cable has recovered some ground and it is currently trading at 1.5823, still down 0.59% on the day.

GBP/USD levels to watch

As for technical levels, GBP/USD could find immediate supports at 1.5800 (Nov 12 low/psychological level), 1.5789 (2014 low Nov 7) and 1.5718 (Sept 11 2013 low). On the flip side, resistances are seen at 1.5921 (10-day SMA), 1.5939/44 (Nov 12 & 11 highs) and 1.5996/1.6000 (Nov 6 high/psychological level).

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