GBP/USD fell aggressively on Friday, reaching its lowest level since November 2020. Disappointing retail sales data in the UK weighed heavily on sterling, adding to the already solid US dollar buying. Further bearish momentum was accelerated by technical selling below the round number of 1.3000. In the first half of the London session, the GBP/USD price fell to its lowest level since November 2020 during heavy selling pressure on the last day of the week. –Are you interested in learning more about forex bonuses? Check our detailed guide- Dismal UK retail sales The British pound weakened across the board due to disappointing retail sales data released by the UK, which failed to break away from mixed PMI readings. As a result, the GBP/USD pair has further been affected by bearish pressure due to the sharp increase in demand for the US Dollar. Following the disappointing release of UK retail sales data on Friday, the GBP/USD pair hit a fresh offer for the second straight day. The UK Office for National Statistics reported total retail sales declined 1.4% in March instead of the 0.3% expected. Furthermore, sales excluding automotive fuel fell by 1.1% for the month, which was also below expectations. Hawkish Fed to weigh on the pound Meanwhile, the US dollar continued to be supported as expectations of the US Federal Reserve’s more aggressive monetary tightening rose. A combination of this and risk-aversion momentum supported the dollar, which pushed yields on interest-rate-sensitive US Treasuries above 3% for the first time since 2018. What’s next to watch for GBP/USD price? It also seems that some trading stops could be triggered below psychological 1.3000, adding further downside pressure around the GBP/USD pair. In the meantime, the recent move lower appears to confirm a fresh break setting the stage for further depreciation in the near term. For fresh impetus, market participants are eagerly awaiting the UK and US PMI data release. Later in the session, traders will also be paying attention to BoE Governor Andrew Bailey’s appearance. Get FREE Forex Signals Now! GBP/USD price technical analysis: Bears eying 1.2800 The GBP/USD price finally breaks below the 1.3000 mark and cracks another support at 1.2900. The widespread down bar with a huge volume was followed by another down bar. The bears are not stopping here. We may see a test of 1.2800 level ahead of 1.2750. –Are you interested in learning more about ETF brokers? Check our detailed guide- On the upside, the pair may find some correction after a strong downtrend. Hence, the pair may jump back above the 1.2900 area. However, any subsequent buying lifting the pair above 1.3000 will again neutralize the pair’s outlook. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Free Forex Signals and Forecast: Sell Gold ā 22 Apr 2022 Olimpiu Tuns 4 weeks GBP/USD fell aggressively on Friday, reaching its lowest level since November 2020. Disappointing retail sales data in the UK weighed heavily on sterling, adding to the already solid US dollar buying. Further bearish momentum was accelerated by technical selling below the round number of 1.3000. In the first half of the London session, the GBP/USD price fell to its lowest level since November 2020 during heavy selling pressure on the last day of the week. -Are you interested in learning more about forex bonuses? Check our detailed guide- Dismal UK retail sales The British pound weakened across the board due… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.