GBP/USD Selloff Continues as British Pound Falls Below Key Technical Levels

The British Pound has been under pressure lately, with the GBP/USD pair declining in four of the past five weeks. The latest selloff broke the June uptrend, with a plunge of more than 2.5% from the August high.

This decline also drove Sterling below the 200-day moving average for the first time since July. Daily momentum is showing possible divergence on this latest drop, which could indicate near-term exhaustion in the days ahead.

The immediate focus is now on today's close with respect to 1.3345, a level that marks the 61.8% retracement of the June rally. A break below this level would strengthen the case for another leg lower, while a recovery through near-term resistance could begin to ease immediate downside pressure.