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The GBP/USD pair remains below the psychological barrier of 1.2800 in the early Asian trading hours on Wednesday. Overall, the trend is still bearish in today's trading session, with prices breaking through the support level of 1.0800. It is currently facing a cross-resistance level around 1.2790, marking a 0.02% decline for the day. In theory, prices could trigger strong reactions around this level, which would further drive the downward momentum.
Considering the impact factors: The UK's FTSE 100 index rose by 0.8% in early trading, and US stock futures are slightly higher. If the risk sentiment continues to improve, the downward movement of GBP/USD may remain limited.
Looking at the GBP/USD outlook: From the 1-hour chart, the volume for GBP/USD is still decreasing, and the price is encountering multiple reactions around 1.2790. The support level of 1.2760 is currently the only driving force for this currency pair, and if it breaks, prices could see a significant decline, while maintaining the price could test local levels before further dropping.