• GBP/USD retreats further from a multi-week high set on Thursday amid resurgent USD demand.
• The technical setup still supports prospects for the emergence of some dip-buying.at lower levels.
• A sustained weakness below the 50-day SMA is needed to negate the near-term positive outlook.

The GBP/USD pair comes under intense selling pressure on Friday and extends the overnight retracement slide from the vicinity of mid-1.2300s, or its highest level since February. Spot prices, however, manage to rebound a few pips from the daily low and trade above the 1.2200 mark during the early North American session, still down nearly 0.60% for the day.

A fresh wave of the global risk-aversion trade - amid lingering concerns about a full-blown banking crisis - assists the safe-haven US Dollar (USD) to build on the previous day's solid bounce from a seven-week low. Apart from this, the weaker-than-expected release of UK PMI prints for March weighs on the British Pound and further contributes to the heavily offered tone surrounding the GBP/USD pair.