GBP/USD has been trying to stabilize around 1.3300 following Tuesday's drop. A decline below 1.3270 is set to ramp up bearish pressure, FXStreet’s Eren Sengezer reports.

Next bearish target is located at 1.3200

“On the downside, near-term support seems to have formed at 1.3270. In case that level turns into resistance, GBP/USD could continue to push lower toward 1.3200 (psychological level, static level).”

“On the upside, initial resistance aligns at 1.3350 (static level) ahead of 1.3375 (20-period SMA on the four-hour chart) and 1.3430 (static level).”