GBPUSD under pressure

The British pound is under heavy downside pressure against the US dollar after the pair broke below the 1.2300 support level. A sustained loss of the 1.2250 level could see GBPUSD sellers testing towards the 1.2200 support level. It is noteworthy that the overall structure of a large inverted head and shoulders pattern still remains valid while price trades above the 1.2160 level.

• The GBPUSD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2420 and 1.2470 levels. 

• The GBPUSD pair is only bearish while trading below the 1.2400 level, key support is found at the 1.2250 and 1.2200 levels.