GBP/USD Selloff Accelerates, Breaks June Uptrend

The British Pound has seen a significant decline in recent weeks, breaking its June uptrend and falling over 2.5% from its August high.

The latest selloff has driven Sterling below the 200-day moving average for the first time since July, with daily momentum showing possible divergence on this latest drop.

A break below the May swing low at 1.3302 would strengthen the case for another leg lower, while a recovery through near-term resistance would begin to ease immediate downside pressure.

The focus is now on today's close with respect to 1.3345, with rallies needing to be limited to 1.3408 if price is heading lower on this stretch.