• GBP/USD declines over 0.50%, with sellers targeting further lows after breaking past 1.2644.
• Bearish momentum confirmed by RSI; GBP faces key supports at 1.2600 and 1.2486.
• Potential recovery hinges on surpassing resistance at 1.2700 and 1.2818 (200-day SMA).

The Pound Sterling tumbled over 0.50% against the Greenback on Monday, as the latter recovered from last week’s losses, remaining bid on Monday. At the time of writing, the GBP/USD trades at 1.2659, dropping after reaching a daily high of 1.2735.

GBP/USD Price Forecast: Technical outlook

The GBP/USD downtrend remains intact, and it could be threatened if buyers clear the 200-day Simple Moving Average (SMA) at 1.2818. Sellers must clear the November 28 daily low of 1.2644 before extending their drop to 1.2600. A breach of the latter will expose the latest major support at 1.2486, the November 22 swing low, followed by the current year’s low of 1.2299.