On Tuesday morning, the decline of the GBP/USD had reached below the last weekly pivot point. Namely, the rate had no technical support as low as the historical low level of 2017 at 1.1978.
Although, note that most likely round levels will provide psychological support to the currency exchange rate. Namely, the decline could pause at 1.2100, 1.2050 and 1.2000.
On the other hand, the rate most likely will trade sideways until the Federal Reserve Interest Rate announcement on Wednesday at 18:00 GMT.
