GBPUSD | May It Continue the Downward Movement?Great British Pound vs. US DollarFX:GBPUSDDatTongMacro approach: - The pound slipped against the US dollar after soft PMI data pointed to a second straight monthly contraction in the UK economy. - The downturn was led by the Services sector, which dragged the Composite PMI lower, while cooling price growth and a softening labour market eased inflation pressures. - Sterling could stay under pressure as markets pare back expectations for further BoE tightening. Technical approach: - GBPUSD strongly declined toward the previous support at 1.3180 after breaking the previous support at 1.3310. The price is below both diverging bearish EMAs, indicating a potential for bearish continuation. - If GBPUSD breaks below 1.3180, the price may plunge toward the next support at 1.3050. - Conversely, staying above 1.3180 may prompt a retest of the immediate resistance at 1.3310. Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness