From a technical point of view, on a daily chart, GBP/USD has broken below a rising trend line and 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 1.3255. The nearest support would be set at 1.2490 and a second one would be set at June 28 bottom at 1.2250 in extension.
Source: TradingView, GAIN Capital