FXstreet.com (Barcelona) - GBP/USD has withdrawn from session high levels close to 1.4300 resistance level in the first moments of BoE's King testimony before the Parliament's Treasury Committee where he answer questions about the current banking crisis.

The GBP/USD has dropped some 50 pips to levels around 1.4240 from 1.4290 before the events when the pair was on its way to test 1.4300 resistance area.

Once below 1.4200 level Sterling could advance to test session low at 1.4160, and if that level gives way 1.4160 will come into play, and below there, next support level could appear at 1.4121 (Feb 17 low) before 4-week low at 1.4086 (Feb 18 low.)

On the upside, a bounce at current levels could bring about a new test to the 1.4300 resistance level and, if that level gives, the 1.4350/60 area could offer resistance (Feb 23 and Feb 24 low), and above there, 1.4400.