The dogecoin newsBritish Pound faces mounting pressure against the US Dollar, with technical analysts at UOB Group suggesting the crucial 1.2300 support may not hold. FX specialists Quek Ser Leang and Lee Sue Ann observe that while this psychological level remains significant, current momentum indicates it could potentially be breached in coming sessions.
Market Sentiment Turns Bearish
Recent trading sessions witnessed unexpected volatility as GBP/USD plunged to 1.2321, catching many market participants off guard. The rapid descent suggests weakening demand for Sterling, though analysts note the move appears somewhat overextended in the short-term. Immediate resistance now forms near 1.2395, with stronger barriers at 1.2430 that could cap any recovery attempts.
Looking at the broader picture, the currency pair's failure to maintain its previous range between 1.2420 and 1.2620 signals a potential regime change. October 2023's lows near 1.2300 represent a critical technical juncture, with a decisive break potentially opening the door to test 1.2250. Market participants should monitor price action around 1.2465, which now serves as a key pivot point determining near-term directional bias.
