GBP/USD witnessed aggressive selling on Friday and dived to over a two-week low.
Technical selling below the 1.2100 mark aggravated the intraday bearish pressure.
Descending trend-channel breakdown supports prospects for a further near-term fall. The GBP/USD pair added to its heavy intraday losses and tumbled to over a two-week low, around the 1.2030 region heading into the North American session.
The prospects for more aggressive Fed rate hikes, along with growing recession fears, boosted demand for the safe-haven US dollar and prompted fresh selling around the GBP/USD pair on Friday. This marked the third day of a sharp fall in the previous four and took along some short-term trading stops placed near the 1.2100 mark.
The subsequent decline below a two-week-old descending trend-channel support confirmed a fresh bearish breakdown and supports prospects for a further near-term depreciating move. The negative outlook is reinforced by the fact that bearish technical indicators on the daily chart are still away from being in the oversold territory.
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