GBP/USD Plunges to Largest Weekly Drop Since May

The British Pound (GBP) has seen its largest weekly decline since May, falling nearly 2.5% from its August high after breaking below its September opening range.

This significant drop has put GBP/USD at a critical inflection point, where the bears are testing major Fibonacci support at the 61.8% retracement of the June rally at 1.3345.

A break or weekly close below this level would fuel the next leg of the decline towards the 78.6% retracement at 1.3255, while a recovery above the yearly open at 1.3474 would be needed to strengthen the case that a more significant low is forming.