The British pound is back under selling pressure against the US dollar as the chances of a hard-Brexit scenario appear to have increased. A sustained break below the 1.2200 support level could trigger a major technical sell-off in the GBPUSD pair, with the yearly trading low the initial target. Overall, moves back towards the 1.2275 level are likely to be met with strong counter selling.
The GBPUSD pair is only bearish while trading below the 1.2275 level, key support is found at the 1.2200 and 1.2100 levels.
If the GBPUSD pair trades above the 1.2200 level, key resistance is found at the 1.2250 and 1.2275 levels.
