GBPUSD has plunged below the 1.2673 support and is currently challenging the 1.2610 support level.
![](https://www.forexcycle.com/wp-content/uploads/2024/20240117_GBPUSD_1.png)
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.