After experiencing a sharp jump up and decline at the end of Tuesday’s London trading session, the GBP/USD resumed its decline. By the middle of Wednesday’s trading session the rate had reached below 1.2680.
In general, the rate was expected to continue the decline, as it had no technical support as low as 1.2610. At that level the weekly S1 of the simple pivot points was located at.
Meanwhile, note that all USD pairs will be impacted today by the FOMC Meeting Minutes at 18:00 GMT.