The GBP/USD currency pair struggles as it enters a bearish consolidation phase, hovering around 1.2200. This marks its lowest level since November 2023, observed during the Asian trading session. The current trend suggests a lack of buying momentum, prompting fears of further declines ahead.

Current economic indicators show a backdrop that favors bearish sentiment among traders. The market remains cautious due to political instability and ongoing economic factors that threaten the British Pound. Analysts point out that a break below the 1.2200 level could open the path for further declines, making it essential for traders to watch closely for any signs of recovery or failure to hold this key support level.

Market participants should remain engaged with upcoming economic reports that could shift momentum and affect the GBP/USD outlook, as these will provide critical insights into the currency’s performance.