GBPUSD heavily bearish
The British pound has moved sharply lower against the US dollar after breaking below the technically important 1.2200 level. It is possible that the GBPUSD pair could test towards the 1.1950 level now that the 1.2200 support level has been broken with conviction. Overall, losses below the 1.1950 support level could cause an extreme technical meltdown in the GBPUSD pair.
The GBPUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2000 and 1.1950 levels.
The GBPUSD pair is only bullish while trading above the 1.2200 level, key resistance is found at the 1.2280 and 1.2340 levels.