The British pound has fallen to its weakest trading level against the US dollar since early April 2020, following a breach of the technically important 1.2200 level. Technical analysis shows that a bearish breakout from an ascending triangle pattern has taken place. According to the size of the pattern the GBPUSD pair could fall towards the 1.2000 support level over the short-term.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2160 and 1.2000 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2370 and 1.2420 levels.
