- GBP/USD remained depressed for the second consecutive session on Friday.
- Break below the 23.6% Fibo. might have paved the way for further weakness.
The GBP/USD pair witnessed some follow-through selling for the second consecutive session on Friday and pullback further from 34-month tops.The pullback extended through the first half of the European session and dragged the pair to fresh three-day lows, around the 1.3775 region in the last hour.
With the latest bearish move, the GBP/USD pair has now slipped below the 23.6% Fibonacci level of the 8th-10th February strong move up and seems vulnerable to extend the corrective slide. Moreover, technical indicators on hourly charts have been drifting into the negative territory and add credence to the intraday bearish outlook
On the downside, any subsequent fall is likely to find decent support near the 1.3760-50 resistance breakpoint, which should act as a key pivotal point and help determine the GBP/USD pair's near-term trajectory.
On the flip side, immediate resistance is near the 1.3820 level ahead of mid-1.3800s. Sustained move beyond the level will be seen as a fresh trigger for bullish traders and push the pair towards the 1.3900 mark en-route the 1.3940-50 hurdle. The momentum could further get extended towards the key 1.4000 psychological mark.
