GBP/USD finds some support ahead of 1.30 mark, UK data/Brexit vote awaited

   •  The Pound remains depressed on the back of recent Brexit developments.
   •  DUP confirms to vote against May’s withdrawal agreement in today’s vote.
   •  Bearish pressure eases as traders now look forward to the key UK macro data.

The GBP/USD pair failed to capitalize on the early attempted bounce and tumbled to fresh one-week lows in the last hour, albeit quickly recovered few pips thereafter.

After an initial uptick to an intraday high level of 1.3086, the pair met with some fresh supply and remained depressed amid firming expectations that the UK PM Theresa May would struggle to get enough votes to pass her Brexit deal through the Parliament. 

It is worth reporting that the UK government announced on Thursday that it will hold a vote only on the 585-page Withdrawal Agreement, without the Political Declaration regarding the future relationship with the EU, in an attempt to meet the EU deadline for an extension until May 22.

Meanwhile, the latest leg of a sudden fall over the past hour or so came after the Northern Irish DUP's lawmaker, Sammy Wilson, reiterated that the party will be voting against May's withdrawal agreement and whispers of a possible DUP announcement later this afternoon.

The bearish pressure, however, seems to have receded ahead of the key 1.30 psychological mark as market participants now await today's important UK macro data - highlighting the quarterly release of current account figures and the final Q4 GDP growth figures. 

Technical levels to watch

Yohay Elam, FXStreet's own Analyst offers important technical support levels: “Looking down, notable support is only at 1.2996 which is where the Pivot Point one-day Support 1 and the Fibonacci 61.8% one-month converge. The next support line is only at 1.2921 which is the confluence of the PP one-day S2, the SMA 100-one-day, and the PP one-month Support 1.”