The cable is currently breaching the 200-day Simple Moving Average (SMA), signaling a potential downward trajectory. Should we witness a confirmed close and open below this longer-term indicator, it is probable that GBP/USD will aim for 1.2303, which represents the lowest point reached back in late May. Once this level is breached, GBP/USD could become susceptible to abrupt and substantial downward movements, as there has been limited recent price activity beneath the 1.2303 threshold.
