GBP/USD struggling near six week lows, up next - US jobless claims

The selling pressure around the British Pound remains unabated, with the GBP/USD pair trading with bearish bias for the fifth consecutive session.

Currently trading around 1.2270 region, today's better-than-expected UK construction PMI, coming-in at 52.5 for February as compared to previous month's 52.2, failed to provide any immediate respite for the major. 

Moreover, the House of Lords' vote on Wednesday, defeating govt. motion by 358 to 256 to guarantee the rights of EU nationals living in the UK once the country leave the European bloc, added to the impending Brexit worries. 

This coupled with growing bets for an eventual Fed rate-hike action at the upcoming meeting in two weeks has been weighing heavily on the major and restricting even the slightest of recovery from six week lows. 

Today's US economic docket features the only release of usual weekly jobless claims data and is unlikely to hinder the US Dollar's strong bullish trajectory.

Technical levels to watch

A follow through selling pressure below 1.2260-50 region is likely to extend the downward trajectory initially towards 1.2215-10 intermediate support and eventually towards 1.2155-50 horizontal support. On the upside, any recovery attempts above 1.2300 round figure mark might now confront resistance near 1.2345 level, which if cleared could extend the recovery towards an important support break-point, now turned strong resistance near 1.2380-85 zone.