GBPUSD Dips Below Support: A Test and Possible Outcomes

GBPUSD has plunged below the 1.2673 support and is currently challenging the 1.2610 support level.

If GBPUSD breaks below this 1.2610 support, it could suggest that the pair is caught in a downtrend wave from 1.2827. This situation could then precipitate a further drop towards the 1.2500 support mark.

However, there is an immediate resistance level brewing at 1.2680. Only a successful break above this checkpoint could set off another upward rally towards 1.2785.