That said, the Federal Reserve's hints of a pause to interest rate hikes, along with the anti-risk flow, lead to a further steep decline in the US Treasury bond yields. Furthermore, the disappointing US Durable Goods Orders act as a headwind for the USD and lend some support to the GBP/USD pair. Spot prices, meanwhile, showed some resilience below the 1.2200 resistance-turned-support.

The said handle is followed by the 50-day Simple Moving Average (SMA), currently around the 1.2150-1.2145 region, which if broken decisively might prompt some technical selling and pave the way for deeper losses. The GBP/USD pair might then accelerate the fall towards the 1.2100 mark (100-day SMA) before eventually dropping to the next relevant support near the 1.2040 horizontal zone.

On the flip side, any meaningful recovery now seems to confront an immediate hurdle near the 1.2270-1.2275 region. A sustained move beyond has the potential to push the GBP/USD pair back above the 1.2300 round figure, towards resting the multi-week high, around the 1.2340-1.2345 region touched on Thursday. Bulls might then aim to reclaim the 1.2400 mark and the YTD peak around the 1.2445-1.2450 zone.