The pound continued lower as Britain’s Q3 GDP failed to impress. A bearish MA cross was a sign that the buying pressure was wearing off. The confirmation came in the shape of subsequent breaks below 1.2200 and 1.2100 which sits on the 20-day moving average. The daily support at 1.1900 is the closest level to see whether buyers would return to the market. Its breach could trigger a new round of sell-off towards 1.1700. The bulls will need to reclaim the former support at 1.2200 before they could regain control.
