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