GBP/USD Breaks Below 1.3550 as Dollar Strength Accelerates
GBP/USD extended its decline, breaking below the crucial 1.3550 support level to trade at 1.3533, as broad-based US dollar strength dominated forex markets. The pair has now breached the 50% Fibonacci retracement of June's trading range at 1.35786, signaling potential for further downside. Yesterday's low at 1.3574 and last week's support at 1.3561 have been decisively broken, opening the path toward the next support zone between 1.3505-1.3514. The current level at 1.35292 represents a critical juncture - a sustained break below could accelerate selling pressure. Dollar strength against all major currencies reflects rising US Treasury yields and improved risk sentiment toward USD assets. Technical momentum indicators suggest bearish continuation, with immediate resistance now at the broken 1.3550 level. Traders should monitor the 1.3505 area for potential bounce opportunities.
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