GBP/USD tumbles to 1-1/2 week lows, farther below 1.35 mark

   •  Goodish USD rebound keeps exerting pressure. 
   •  Technical selling aggravates below 1.35-1.3480.
   •  US data eyed for some fresh trading impetus.

The GBP/USD pair weakened further below the key 1.3500 psychological mark and has now dropped to fresh 1-1/2 week lows.

The pair traded with a bearish bias for the third consecutive session and today's weaker tone was primarily led by a goodish US Dollar rebound. 

The pair has now fallen below previous session's mixed UK economic data-led swing lows support near the 1.3480 region and the latest leg of sharp downfall, over the past hour or so, could be attributed to long-unwinding pressure. 

Moreover, the price action also seems to indicate increasing bearish bias on a sustained break below the 1.3500 handle and hence, a follow-through weakness, led by some fresh technical selling, now looks a distinct possibility. 

Next on tap would be the US economic docket, featuring the release of PPI print and the usual initial weekly jobless claims, which might help traders grab some short-term trading opportunities.

Technical levels to watch

The ongoing slide could get extended towards the 1.3440-35 support before the pair eventually drops to test the 1.3400 handle. On the upside, the 1.3480 level, followed by the 1.3500 handle now seems to cap any immediate recovery attempts.