GBP/USD Bears Control at 1.3140, Sterling Faces Downward Pressure

GBP/USD remains under bearish control, stalling at 1.3140 resistance as selling pressure persists. The pair has declined 0.6% from Monday's highs, with bears firmly in command of price action. The Dollar Index strength at 105.40 continues to weigh on sterling, while UK economic uncertainties add to the downside pressure. Technical analysis reveals a clear rejection at the 1.3140 level, which coincides with the 38.2% Fibonacci retracement of the recent decline. Immediate support lies at 1.3080, followed by the psychological 1.3000 level. The RSI reading of 42 suggests bearish momentum remains intact but isn't yet oversold. A break below 1.3080 could accelerate losses toward 1.3000, while any rebound faces strong resistance at 1.3140-1.3160. Traders are awaiting UK employment data and US retail sales figures later this week, which could determine whether sterling can mount a meaningful recovery or continue its descent.