GBP/USD Drops on Safe-Haven Shift & Dollar Strength

Due to a shift to safe-haven assets and a strengthening US dollar, the GBP/USD has dropped significantly. Technical analysis indicates that the pair has entered a bearish phase, breaching its 200-day moving average. The 200 MA level, currently at 1.2580, could serve as the initial resistance level. On the downside, the key support region lies between 1.2275 and 1.2300.