GBPUSD overhead supply keeps pressure, downside targets in focusGBPUSD once again tested the main supply zone around 1.3740, from where the market has repeatedly reversed lower. On the daily chart, the pair shows a series of lower highs, and the close below local support signals growing seller pressure.
The first downside target is near 1.3350, where initial profit-taking may occur. The next area is 1.3175, a stronger support level established earlier in the year. If bearish momentum develops further, 1.2900 becomes the key downside target to watch.
From a fundamental perspective, the pound remains under pressure due to Bank of England policy uncertainty, weak UK economic data, and the relatively hawkish stance of the Federal Reserve supporting the dollar. As long as the market trades below 1.3740, the bias remains toward the downside.
