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  • Investors looked past disappointing US durable goods orders data.
  • The incoming UK political headlines exerted some heavy pressure.

The GBP/USD pair witnessed some aggressive selling in the last hour and tumbled around 60-65 pips to refresh session lows, around the 1.2860 region in the last hour.
The pair did get a minor lift during the early North-American session following the disappointing release of US durable goods orders data, albeit the uptick met with some fresh supply near the 1.2925 region amid a modest pickup in the US Dollar demand.

Weighed down by risk of snap UK election

Adding to this, rumours that the UK government will table an emergency business statement after political cabinet re-election motion on Monday further collaborated towards exerting some heavy downward pressure on the British Pound over the past hour or so.
Despite the pullback, the pair has still managed to hold its neck above the overnight swing lows, which makes it prudent to wait for some strong follow-through selling before traders start positioning for any further near-term depreciating move below the 1.2800 round-figure mark.

Technical levels to watch