Technical alert: GBPUSD below 1.20 USD

GBPUSD has been trading in a very steep downward move recently. The pair dropped below 1.20 USD during today’s session. Looking at W1 interval from a technical point of view, one can see that the price broke the key support. The zone marked with green colour is marked with price reactions from 2016 and 2019. It could have been a good place to start an upward correction but bears do not seem to be stopping. The next level to watch is 127.2% Fibonacci retracement at 1.1530.

GBPUSD W1 interval. Source: xStation5

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