The pair broke below 1.3299, accelerating losses toward 1.3283 and targeting further downside near 1.3261.
GBPUSD fell to its lowest level since July 2 after breaking below the critical 1.3299 support, a 61.8% retracement of its June-July rally. Sellers overwhelmed initial buying interest, pushing the pair to a session low of 1.3283.
The breach of last week’s low shifts focus to 1.3261, with a potential drop toward 1.3218 if momentum persists. The pair has four trading days left in July to retrace the entire month’s advance.
Resistance now sits at 1.3305, the former support level. A move above it could trigger short covering and a corrective rebound, easing downward pressure.