FXStreet (Mumbai) - The bulls continue to lose grip of the GBP/USD pair, courtesy of which the pair fell below 1.4351 (23.6% of 1.5230-1.4079). Will BOE rate hike happen? The drop in the GBP/USD pair despite uptick in the European equities may be due to markets questioning the possibility of the BOE rate hike, especially after the BOJ moves rates to negative territory. Following an upbeat UK GDP figure released yesterday, many in the markets called for a BOE rate hike in Q4 2015. However, with BOJ moving to negative territory, the odds of a BOE rate hike are in danger unless UK data shows significant improvement in the economy. Later in the day, the US data may affect the pair if it manages to alter Fed rate hike bets. GBP/USD Technical Levels The pair currently trades around 1.4350. The immediate support is seen at 1.4278 (rising trend line support), under which the spot could drop to 1.4261 (10-DMA). A break lower would expose to 1.4173 (Jan 26 low). On the other hand, a break above 1.4413 (daily high) would open doors for a rally to 1.45 levels, which if taken out may see the pair test offers at 1.4538 (weekly 5-MA). For more information, read our latest forex news.