From a technical point of view, on a daily chart, GBP/USD stands below its 50-day moving average (in blue). The daily RSI remains within its selling area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3000. The nearest support would be set at horizontal support at 1.2500 and a second one would be set at June bottom at 1.2250 in extension.
Source: TradingView, GAIN Capital