GBP/USD plummets to lows near mid-1.3300s

   •  Retreats over 100-pips as focus shifts back Brexit.
   •  US tax bill-led USD weakness fails to lend any support.

Selling pressure around the British Pound remained unabated through the early NA session, with the GBP/USD pair struggling near session lows around mid-1.3300s.

The pair faced rejection near mid-1.3400s and came under some intense selling pressure during the early European session, tumbling nearly 100-pips from session. 

With investors looking past major central bank decisions, the latest setback over the UK government's Brexit plan seems to be the only factor that prompted some aggressive selling at higher levels. 

Adding to this, possibilities of some short-term trading stops being triggered by a break below the 1.3400 handle might have aggravated the selling pressure over the past couple of hours.

Meanwhile, today's release of slightly weaker than expected Empire State Manufacturing Index, coming in at 18.0 for December as against 18.6 expected, failed to revive the US Dollar demand but also did little to provide any immediate respite for the major. 

Technical levels to watch

From current levels, immediate support is now pegged near the 1.3310-1.3300 area, which if broken would turn the pair vulnerable to head towards testing 50-day SMA support near the 1.3260 region.

On the upside, any recovery attempts back above 1.3370 level now seem to confront fresh supply near the 1.3400-1.3410 region, above which the pair is likely to make a fresh move towards mid-1.3400s.