GBP/USD: Downtrend Likely to Continue

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The GBP/USD is showing bearish signs, as recent data suggests a further downtrend could be in motion. The pair has failed to break the resistance at 1.2998, with the broader trend remaining negative. The UK government’s budget has raised borrowing costs, and the Bank of England is expected to cut interest rates further. This economic uncertainty, combined with strengthening of the USD, positions GBP/USD to potentially fall towards 1.2660. Continued weakness in the UK economy, alongside anticipated rate cuts, will likely pressure the pair lower​.

This bearish outlook supports the idea of the pair moving lower in the coming weeks.