After touching the 1.2500 level on Friday, the GBP/USD began a decline, which was continuing on Monday morning.
In general, the rate was expected to test the support of the weekly pivot point at 1,2416, the 55 and 100-hour simple moving averages, respectively, at 1.2400 and 1.2375. These support levels might force the pair into trading sideways.
If these levels are passed, the pair would decline down to the technical support cluster that is located from 1.2314 to 1.2328.
