The British pound has fallen sharply lower against the US dollar during the European trading news, as the latest bearish Brexit news weighs on the pair. The GBPUSD pair has broken under the 1.2275 level and now risks a deeper drop towards the 1.2200 level. Overall, traders should watch for a neckline breakout of a bearish head and shoulders pattern if the 1.2200 level is breached.
The GBPUSD pair is only bearish while trading below the 1.2275 level, key support is found at the 1.2200 and 1.2150 levels.
If the GBPUSD pair trades above the 1.2275 level, key resistance is found at the 1.2325 and 1.2370 levels.
