GBP/USD slides to fresh weekly lows, below 1.29 mark ahead of NFP

The GBP/USD pair extended disappointing UK data-led downfall and has now weakened back below the 1.2900 handle. 

Against the backdrop of this week's disappointing PMI prints, today's manufacturing and industrial production data along with trade balance data further reinforced expectations that the UK economy could be headed for a slowdown in the coming months. The recent UK data-disappointment might have also dampened prospects over the likelihood of BoE rate hike action this year and was seen weighing heavily on the British Pound. 

Moreover, a modest pickup in the US Dollar demand, amid pre-NFP repositioning trade, further aggravated the selling pressure and dragged the pair to fresh weekly lows, around 1.2890 level. 

With today's slide, the pair has now reversed all of its gains posted in the previous two trading sessions as investors now look forward to the next big trigger - the keenly watched NFP release, in order to determine the pair's next leg of directional move. 

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Technical levels to watch

A strong follow through selling interest below the 1.2900 handle would turn the pair vulnerable to accelerate the slide towards 1.2840 support before eventually aiming to test the 1.2800 round figure mark.

On the flip side, any recovery attempts beyond 1.2915 level now seem to confront fresh supply near 1.2965-70 region, above which the pair is likely to make a fresh attempt to conquer the key 1.30 psychological mark.