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   “¢   A downward revision of the yearly UK GDP growth figures prompts some selling.
   “¢   A larger than expected surge in UK current account deficit adds to the pressure.

The GBP/USD pair held on to its weaker tone and dropped to over two-week lows after disappointing UK macroeconomic releases, albeit quickly recovered few pips thereafter.

The pair extended this week’s rejection slide from the 1.3200 neighborhood and kept losing some ground for the third consecutive session after the yearly growth rate during the second quarter of 2018 was revised down slightly from 1.3% previously estimated.

Adding to the disappointment, the UK current account deficit for the second quarter of 2018 surged more than expected to £20.317 billion and exerted some additional downward pressure on the British Pound.  

The data-led reaction, however, turned out to be short-lived, with a subdued US Dollar price action extending some support and helping limit deeper losses, at least for the time being.

Next of relevance would be the US economic docket, featuring a slew of second-tier economic data and might help traders grab some short-term opportunities on the last trading day of the week.  

Technical levels to watch

A follow-through selling pressure has the potential to continue dragging the pair further towards testing the key 1.30 psychological mark en-route the 1.2975-70 support area. On the flip side, the 1.3080-1.3090 region now seems to act as an immediate hurdle, above which the momentum could further get extended back towards 100-day SMA hurdle near the 1.3135 region.