GBP/USD plummeted under the pressure of the US Dollar (USD)
In recent US trading sessions, GBP/USD has faced significant downward pressure, dropping below the 1.2450 level, due to the sustained strength of the US Dollar (USD).
From a technical perspective, analyzing the chart of GBP/USD reveals a clear trend of price decline. The currency pair has consistently reached lower highs and lower lows recently, while also breaching key support levels. This is a strong indication that the downward trend of GBP/USD is being reinforced.
Furthermore, the Relative Strength Index (RSI) is holding just above the 30 level, indicating that there is still room for further downside before the market becomes oversold.
