The currency pair falls below its 100-hour and 200-hour moving averages, signaling a shift toward a bearish near-term trend.
GBPUSD extended its decline, breaking below critical technical levels and strengthening the bearish outlook. The pair fell beneath its 100-hour moving average at 1.34585 and the 200-hour moving average at 1.34236, marking a decisive shift in market sentiment.
Earlier in the session, the market had shown balance, but the breach of these key averages emboldened sellers. The 100-hour moving average had acted as near-term support, and its breakdown triggered increased selling pressure. With both averages now acting as resistance, traders see further downside potential.
The next test lies just below current levels, where a cluster of technical support targets awaits. A sustained move above either moving average could weaken the bearish bias, but sellers remain in control for now.