GBP/USD Analysis: Pound Breaks Major Support, What Comes Next?
The GBP/USD currency pair recently experienced a significant break below the key support level of 1.2300. This level had previously acted as a multi-month low, reaching back to April 2024. The market’s reaction to this breach signals underlying weakness in the sterling. Traders should tread carefully as this development may indicate further bearish potential. It is essential to analyze the chart patterns and upcoming economic news reports to gauge the market’s next moves effectively. Position yourself accordingly to navigate the changing tides of the GBP/USD pair in the forex landscape.