• GBP/USD meets with a fresh supply on Tuesday and seems vulnerable to sliding further.
• Bets for smaller Fed rate cuts revive the USD demand and exert pressure on the pair.
• The technical setup favors bears and supports prospects for a further depreciating move.

The GBP/USD pair attracts fresh sellers following the previous day's good two-way price move and slides closer to mid-1.2900s during the Asian session on Tuesday. Spot prices, however, hold above the lowest level since August 16 touched last week and remain at the mercy of the US Dollar (USD) price dynamics. 

Bets for a less aggressive policy easing by the Federal Reserve (Fed) assist the USD in stalling its overnight pullback from a three-month peak and drag the GBP/USD pair lower. Apart from this, rising bets for more interest rate cuts by the Bank of England (BoE) in November and December suggest that the path of least resistance for spot prices remains to the downside. 

From a technical perspective, the recent repeated failures near the 1.3000 psychological mark and a breakdown below the 100-day Simple Moving Average (SMA) validate the near-term negative outlook. Moreover, oscillators on the daily chart are holding deep in negative territory and are still away from being in the oversold zone. Hence, a subsequent slide back towards the 1.2900 mark, or the monthly swing low, looks like a distinct possibility.