GBP/USD pressured as traders doubt BoE hawkish stance

GBP/USD has declined to test crucial support levels near 1.3350, dropping 0.4% amid growing skepticism about the Bank of England's ability to maintain its hawkish monetary policy stance. Market participants are questioning whether the BoE can continue aggressive rate hikes given recent UK economic data showing signs of weakness. The pound faces additional pressure from persistent UK inflation concerns balanced against growth slowdown fears. Technical indicators suggest the pair is approaching oversold territory, with immediate support at 1.3320 and resistance at 1.3400. The upcoming release of UK GDP data and US economic indicators later this week could determine whether sterling can stabilize or faces further downside. Traders are closely monitoring the 1.3300 psychological level, as a break below could accelerate losses toward the 1.3250 zone, particularly if US data reinforces dollar strength.