GBP/USD fades post-BoE upsurge, slammed to 1.41 neighborhood

   •  Hawkish BoE vote split lifts the pair beyond 1.42 mark, 9-week tops.
   •  Up-move runs out steam, suggesting May rate hike already priced in.

The GBP/USD pair faded post-BoE knee-jerk spike to multi-week tops and retreated over 100-pips from session tops, now challenging the 1.4100 handle.

The pair jumped to an intraday high level of 1.4219 on the back of a hawkish vote split, with McCafferty and Saunders dissenting and voted for an immediate rate hike by 25 basis points. 

The pair, however, quickly reversed course and dropped below the pre-announcement level, which now seems to suggest that May rate hike move is nearly priced in the market.

Meanwhile, a goodish pickup in the US Dollar demand, despite the ongoing slump in the US Treasury bond yields, further collaborated to the pair's sharp fall to the 1.4100 neighborhood.

The downfall could also be attributed to some cross-driven weakness stemming out of a sharp retracement in the GBP/JPY cross, triggered by a strong bid tone surrounding the traditional safe-haven currency - Yen. 

Technical levels to watch

A follow-through weakness below the 1.4100 handle might prompt some additional weakness and drag the pair further towards 1.4070-60 horizontal support. On the upside, the 1.4140 level now seems to act as an immediate hurdle and is followed by resistance near the 1.4170 level, above which the pair could make a fresh attempt towards conquering the 1.4200 handle.