GBP/USD is under pressure because of the recent economic problems in the UK. In fact, the possible rate hike from the Bank of England could not turn the price around, primarily due to the expected sharp increase in interest rates by the Fed.
Technical picture:
The quote is below the bottom line of the Bollinger indicator, below SMA 5 and SMA 14. The relative strength index (RSI) is falling in the oversold zone, while the stochastic indicator is already in that area.
Possible dynamics:
A consolidation below 1.2775 will push the pair further down to 1.2660.
