GBP/USD faded a bullish spike to 1.3080, seems vulnerable to slide further

Amid lower volatility, the GBP/USD pair faded a recovery spike to 1.3080 and tuned back into negative territory to currently trade around mid-1.3000s.

During early European trading session, the pair attempted a recovery from around Friday's strong NFP-led swing lows support near 1.3030 region. The recovery momentum failed to lift the pair beyond session high resistance near 1.3100 region and got sold into, taking the pair back to the lower end of daily trading range.

After last week's volatile swing from 3-week high to a 3-week low level, the pair now seems to consolidate with slight negative bias. Any recovery attempts are being sold into as increasing prospects of further monetary easing by BOE continues to weigh on the British Pound. 

Moreover, failure to register any meaningful recovery from lower levels, clearly suggest that the near-term downfall could be far from complete. Even from technical perspective, the pair has broken below an important support near 1.3050 region and hence, remains vulnerable to further downside in the near-term.

Technical levels to watch

From current levels, 1.3000 psychological mark remains immediate resistance to watch for, below which the pair could immediately slide to 1.2950 before breaking through 1.2900 handle towards testing its next major support near 1.2870-60 region.

On the flip side, 1.3100 region remains immediate resistance to clear, which if conquered decisively could assist the pair to stage additional recovery but now seems to be capped at 1.3150-60 strong resistance.