Sterling is under strong bearish pressure today after the earlier breakout of the support area located between the support levels 1.28700, 1.26700 and the support trendline of the weekly down channel from the middle of last year. The breakout of this support area accelerated the active weekly impulse waves 3 and (3). Given the bearish US dollar sentiment, coupled with widespread sterling pessimism that can be seen across the FX markets today – GBPUSD currency pair can be expected to fall further toward the next support level 1.23000 (former strong support from 2020 and the target for the completion of the active wave 3).