GBP/USD extends slide toward 1.2150

GBP/USD continued to decline during the American session and bottomed at 1.2252, hitting the lowest level in two days. The pound weakened across the board during the last hours and extended daily lows. The currency is among the worst performers despite the upbeat UK GDP reading released earlier today. 

On European hours the pair peaked after the GDP report at 1.2270. Then pulled back and accelerated to the downside once it broke under 1.2200. Currently, it trades at 1.2170, down 0.63% for the day so far. 

GBP/USD levels to watch 

For the third time during the week the pair has been unable to consolidate above 1.2250 While the upside remains limited, the downwind also has been capped on top of 1.2170. A consolidation significantly below 1.2170, could clear the way for a test of the 1.2100 handle. 

On a wider perspective, the pair still remains under bearish pressure, unable to develop a sustainable recovery. The positive signal for the pound has been the consolidating around 1.21/1.22 that is in place since mid-October.