GBP/USD hits fresh session lows, retreats farther below 1.41 handle

   •  Extend post-UK PMI downslide despite subdued USD demand.
   •  Traders look forward to the US ISM PMI for some fresh impetus. 

The GBP/USD pair extended its UK PMI-led downslide and has now dropped to the lower end of its daily trading range, retreating over 60-pips from session highs. 

After an early Asian session dip to the 1.4080 region, the pair gained some positive traction and touched an intraday high level near mid-1.4100s, supported by some renewed US Dollar weakness. 

The uptick quickly ran out of steam and the pair met with some fresh supply following the release of disappointing UK Services PMI print, coming in at 53.0 for January as against previous month's reading of 54.2. 

Currently trading below the 1.4100 handle, the pair is now gravitating towards the lower end of its daily trading range as traders now look forward to the release of US ISM non-manufacturing PMI for some fresh impetus. 

The pair, however, is unlikely to witness any significant move as traders are more likely to refrain from placing aggressive bets ahead of BOE's Super Thursday, which would help determine the next leg of directional move.

Technical levels to watch

A follow-through selling pressure has the potential to continue dragging the pair further towards 1.4035 intermediate support en-route the key 1.40 psychological mark. On the upside, any up-move back beyond the 1.4100 handle might now confront resistance near 1.4125 level and is closely followed by a strong hurdle near mid-1.4100s.