GBP/USD accelerates downslide, plunges to 1-month low

Having faced rejection near 1.3100 handle in the previous session, the GBP/USD pair ran through fresh offers on Tuesday and has now broken below 1.3000 psychological mark. 

Currently trading a fresh session low level near mid-1.2900s, the pair came under intense selling pressure amid broad based greenback recovery as investors seemed reluctant to carry positions ahead of much awaited and talked about monetary policy decisions from the Fed and BOJ on Wednesday. 

Moreover, possibilities of stops getting triggered below 1.3000 mark could have contributed towards aggravating the selling pressure around the pair.

Next in focus would be US economic releases that include - housing starts and building permits, which will be looked upon to grab some short-term trading opportunities.

Technical levels to watch

A follow through selling pressure below 1.2950 is likely to accelerate the slide towards a short-term ascending trend-line support near 1.2915 region, which if broken would open room for further near-term depreciating move for the pair.

On the flip side, any recovery attempts might now confront resistance at 1.3000 psychological mark. Even if the pair manages to clear this immediate resistance, any further up-move should now be capped at around 1.3030 level.