GBP/USD Remains Under Pressure as Sellers Hold Control Below Key SMAs

GBP/USD continues to trade under bearish pressure as sellers maintain dominance below key simple moving averages, signaling sustained downside risk for the pair. The technical setup points to a market where recovery attempts are being capped by overhead resistance at major SMA levels, keeping the path of least resistance to the downside. The disappointing UK jobs data released earlier in the session has compounded the pair's weakness, undermining confidence in the British pound while the US dollar benefits from broad macro support. Near-term resistance is identified at the converging SMAs, which have acted as dynamic barriers against any bullish recovery. On the downside, traders are watching for a potential test of lower support zones if selling pressure intensifies. The combination of weak UK fundamentals and a resilient dollar narrative suggests GBP/USD may remain vulnerable to further declines. Traders should watch for any shifts in US data or Federal Reserve commentary that could alter the current bearish trajectory for cable.