12.02 - GBP/USD remained depressed for the second consecutive session on Friday
The GBP/USD pair witnessed some follow-through selling for the second consecutive session on Friday and retreated further from the 34-month tops set earlier this week. The pullback extended through the first half of the European session and dragged the pair to fresh three-day lows, around the 1.3775 region. Hence, any subsequent fall is likely to find decent support near the 1.3760-55 resistance breakpoint, which should act as a key pivotal point and help determine the GBP/USD pair's near-term trajectory.
On the flip side, immediate resistance is pegged near the 1.3830 level ahead of mid-1.3800s. A sustained move beyond the latter will be seen as a fresh trigger for bullish traders and push the pair towards the 1.3900 mark en-route the 1.3940-50 hurdle. The momentum could further get extended towards the key 1.4000 psychological mark.
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