GBP/USD tumbles below 1.29 handle on upbeat US macro data

The GBP/USD pair met with some fresh supply near 1.2940 level and has now dropped to fresh session lows, around 1.2880 level post upbeat US macro data. 

The pair came under some fresh selling pressure during early NA session and the initial leg of slide was triggered by stellar ADP report, showing an addition of 237K new private sector jobs in August. 

Adding to this, a significantly better-than-expected upward revision of US Q2 GDP growth figures, coming-in to show an annualized growth of 3.0% as against 2.7% expected and 2.6% reported earlier, provided an additional boost to the US Dollar recovery move and further collaborated to the pair's retracement back below the 1.2900 handle. 

Technical levels to watch

A follow through weakness below 1.2875 level would turn the pair vulnerable to head back towards retesting the 1.2800 handle, with some intermediate support near the 1.2745-40 region.

On the upside, 1.2940 level now seems to have emerged as immediate resistance, above which the pair is likely to surpass previous session's swing high resistance near 1.2980 level and aim towards reclaiming the key 1.30 psychological mark.