GBP/USD retreats from weekly tops, back closer to 1.41 handle

   •  Bullish momentum seems to have run out of steam.
   •  Traders opt to take some profits off the table. 
   •  US ISM PMI might provide some fresh impetus.

The GBP/USD pair trimmed some of its early strong gains and has now retreated over 50-60 pips from fresh weekly tops touched earlier.

The pair built on Tuesday's sharp rebound from sub-1.40 level and touched an intraday high level of 1.4275, despite softer UK manufacturing PMI print for January. The up-move was supported by some renewed US Dollar weakness but now seems to have already lost steam ahead of the 1.4300 handle. 

In absence of any fresh news/development, some long-unwinding trade, especially after the latest leg of a sharp upsurge of nearly 300-pips over the past three trading sessions, seems to be only factors weighing on the major.

Moving ahead, traders now look forward to the US ISM manufacturing PMI, a key highlight from today's US economic docket, for some fresh trading impetus. 

Technical levels to watch

A follow-through retracement below the 1.4200 handle might accelerate the slide back towards 1.4165-60 horizontal support en-route the 1.4130-25 region. On the upside, 1.4245-50 area now seems to act as an immediate resistance, above which the pair is likely to make a fresh attempt towards conquering the 1.4300 handle.