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The US dollar has been extending its gains in response to the Federal Reserve’s decision back on Wednesday. Subsequently, the GBP/USD pair is dropping fast towards support at 1.3801/1.3755, as Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes.

Uptrend is at 1.3761  

“GBP/USD’s recent slide is ongoing with the 1.3801/1.3761 May low and the 2020-2021 support line being targeted. En route are the 1.3858/30 mid-February and early March lows.”  

“Minor resistance above the 55-day moving average at 1.4001 is to now be found at the 1.4082/91 late May and early June lows.”