GBP/USD plummets to lows, bears eyeing break below 1.30 mark on negative Brexit headlines
| • Brexit uncertainties continue to weigh on the British Pound.
• Bearish traders seemed unaffected by a modest USD pullback.
The GBP/USD pair remained under some heavy selling pressure through the mid-European trading session, with bears now eyeing a follow-through weakness below the key 1.30 psychological mark.
The pair extended its retracement slide from one-month tops, set last Friday, and traded with a bearish bias for the third consecutive session on Wednesday amid the lack of progress/breakthrough in the cross-party Brexit talks.
The concerns aggravated further in wake of reports that Labour party might announce cross-party talks 'dead' later today. According to ITV's political editor - Robert Peston, “those involved tell me they have no expectation a breakthrough will be seized from the jaws of futility.”
This was followed by reports that the UK PM Theresa May is close to setting out a timetable for her departure, with or without Brexit, which might add to Brexit complexities and further dented the already weaker sentiment surrounding the British Pound.
Meanwhile, the intraday decline seemed rather unaffected by a mildly softer tone surrounding the US Dollar, albeit now seemed to be the only factor that might help limit any further downside amid absent relevant market moving economic releases.
Technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.