The British pound falls sharply against the dollar after breaking key technical levels, marking the largest decline among major currency pairs.
The GBPUSD pair declined 0.65% on the day, leading losses among major currencies as sellers regained control amid a stronger US dollar. The move follows a break below critical technical levels, including the 100-hour and 200-hour moving averages during Asian and European trading sessions.
Earlier, the pair tested support near a swing area between 1.3497 and 1.3512, with the 100-day moving average at 1.34806 acting as a key downside target. A breach below these levels could accelerate bearish momentum. On shorter timeframes, the 5-minute chart shows consolidation near session lows, with resistance forming at the 100-bar and 200-bar moving averages.
The shift in sentiment coincides with political uncertainty in the UK, though technical factors remain the primary driver of the move. Buyers have yet to mount a sustained rebound, keeping near-term pressure on the pair.