FxWirePro: GBP/USD moves lower as bearish sentiment grips sterling following the BoE's dovish hold

• GBP/USD declined sharply on Thursday as the dovish stance from the Bank of England weighed on sterling.

• The BoE held its key interest rate at 4.75%, as expected, but three policymakers voted to lower borrowing costs.

Three of the nine-member Monetary Policy Committee (MPC) of the BoE including Deputy Governor Dave Ramsden and external members Swati Dhingra and Alan Taylor supported a quarter-point cut in the interest rate to 4.5%.

•At GMT 15:55, Sterling was last down  0.21% on the dollar at 1.2548, its lowest  since November 26th .

• Immediate resistance is located at 1.2665 (38.2%fib), any close above will push the pair towards 1.2728(Dec 18th high).

•Support is seen at 1.2533(23.6%fib) and break below could take the pair towards 1.2485(Lower BB).

Recommendation: Good to sell around 1.2560 with stop loss of 1.2650 and target price of 1.2460