GBP/USD has managed to recover modestly from the monthly low it set at 1.3405 earlier in the session but it's not out of the woods yet. In case buyers fail to defend 1.3400, the pair is likely to extend its slide toward 1.3350, FXStreet’s Eren Sengezer reports.

Next bearish target aligns at 1.3350

“1.3400 (psychological level, Fibonacci 61.8% retracement of the latest uptrend) aligns as first technical support. If this level turns into resistance, the pair could target 1.3350 (static level).”

“On the upside, 1.3440 (middle line of the regression channel) forms the first resistance before the 1.3460/1.3470 area (200-period SMA, Fibonacci 50% retracement).”