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The GBP/USD pair has broken below the key support level at 1.3304, signaling a bearish intraday bias. Technical analysis suggests further decline toward 1.3158, with a potential extension to 1.2948 if this level is decisively breached. On the upside, 1.3324 acts as a minor resistance. The breakdown from 1.3867 highlights a larger bearish trend, with Fibonacci projections indicating a 100% retracement target at 1.2948. Traders should monitor these levels closely for confirmation of the downward trajectory. This development is critical for forex traders as it reinforces the short-term bearish momentum, especially for those holding long positions. A sustained move below 1.3158 could trigger broader risk-off sentiment in currency markets, impacting related assets like EUR/USD and USD/JPY. Investors should watch for follow-through selling and potential reversal patterns near key Fibonacci levels.
