GBP/USD downslides gains momentum, drops to weekly low

The GBP/USD pair came under renewed selling pressure and extended its slide further below 1.3000 psychological mark to currently trade near weekly low around 1.2955 region.

After being rejected near 1.3100 region on Wednesday, a broad based recovery in the greenback accelerated the pair pair's reversal on Thursday, dragging it closer to a fresh weekly lows near 1.2950 region. A follow through selling pressure below weekly lows would open room for continuation of the pair's downward trajectory.

An empty economic docket would provide little incentive for traders during European session, while weekly jobless claims and import price index might provide some impetus during early NA trading session.

Technical levels to watch

A sustained break below 1.2960-50 immediate support has the potential to drag the pair immediately towards 1.2900 round figure mark before the pair aims towards testing 1.2850 important support. On the flip side, any recovery attempt is likely to confront immediate resistance near 1.3000 psychological mark. Further recovery above this immediate resistance might now be capped at 1.3020-25 resistance zone.