GBPUSD breaking lower
The British pound has fallen to a fresh yearly trading low against the US dollar, following the release of weaker than expected UK GDP data. The GBPUSD pair may target the 1.2000 level now that a confirmed range breakout has finally occurred. A bearish head and shoulders pattern has also been triggered into action while price trades below the important 1.2090 support region.
The GBPUSD pair is bearish while trading below 1.2200, key support is found at the 1.2050 and 1.2000 levels.
If the GBPUSD pair trades above the 1.2200 level, buyers may test towards the 1.2250 and 1.2310 levels.