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GBP price did drop in early morning session all the way to test the level of 1.2160. The momentum was very strong on the last down swing, which is sign that at least there can be re-test of the low at 1.2161.
Brown diagonal trend line– Important Support became resistance
Blue rectangle – Support 1
Silver rectangle– Support 2
MACD oscillator is showing good new momentum down in the background and I do expect at least another movement lower. Key support is at 1.2161 and resistance at 1.2335.. Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. Additionally, I found intraday symmetrical triangle in creation, which is sign for potential continuation of the down movement. As long as the GBP is trading below the 1.2270, there is potential for more downside...
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