The GBP/USD chart currently bears a significant bearish momentum due to its position below a major descending trendline, indicating potential further bearish movement. This could lead to a continuation down to the 1st support at 1.2448, marked as an overlap support and associated with the 127.20% Fibonacci Expansion. The 2nd support at 1.2372 is also an overlap support. On the resistance side, the 1st resistance at 1.2533 coincides with the 61.80% Fibonacci Retracement, serving as an overlap resistance. Similarly, the 2nd resistance at 1.2603 is an overlap resistance, suggesting potential barriers to upward movement.
