GBP/USD close to Morgan Stanley's sell level which is 1.5960.

The bank expects the UK economy to remain soft, especially given its large exposure to the euro zone and with the BOE expected to add another GBO50B of QE Thursday.

Given low growth and increased supply of currency more QE will weigh on the pound says MS. The  bank has a downside target of 1.5460, stop up at 1.61.