GBP/USD Continues Downward Trend , Failed to Sustain the Bounce

GBP/USD has failed to sustain its upward momentum against the USD, as the pair struggled to surpass the 1.2700 level. GBP/USD broke below the support zone from the previous week and reached its weekly low near 1.2540 on Tuesday. Despite a rebound and reaching a new high in two weeks at 1.2700, selling pressure persisted, pushing GBP/USD lower towards the end of the week.

Technically, GBP/USD may continue breaking the downtrend from its previous uptick. The downside potential could rely on the RSI indicator, with prices still below the threshold around 46. Additionally, if prices hold around 1.2600, it could alleviate short-term selling pressure, allowing GBP/USD a chance to retest the resistance level at 1.2700.