FXStreet (Edinburgh) - A bout of selling pressure is now hurting the sterling, dragging GBP/USD back to test the 1.4270 area. GBP/USD deflates on Carney The pair is fading the initial spike to levels well above the 1.4300 handle after Governor M.Carney has stressed that ‘now is not the time for rate rise’. Carney has also argued that the UK economy is more exposed to global weakness than the US economy, while UK cost pressures remain lower than the economy across the pond. Carney also reiterated that further progress is needed on growth and inflation before hiking rates, adding that subsequent rate hikes will follow a gradual path. GBP/USD key levels The pair is now up 0.18% at 1.4269 and a break above 1.4464 (downtrend from 1.5232) would open the door to 1.4596 (20-day sma) and finally 1.4947 (high Dec.24). On the flip side, the immediate support lines up at 1.4233 (low Jan.18) ahead of 1.4230 (monthly low Apr.2010) and then 1.4049 (monthly lows Jan.2010). For more information, read our latest forex news.