GBP/USD is looking to test the 1.2123 level in the short-term, as the GBP's weakness remains alive across the board. The price action continues to develop some nice patterns below the 200 SMA in favor of the bears and that's why we're following the downside. However, if the pair finds demand at the current stage, then it will be able to reach the 1.2300 psychological level.
H1 chart's resistance levels: 1.2300 / 1.2400
H1 chart's support levels: 1.2218 / 1.2123
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2218, take profit is at 1.2123 and stop loss is at 1.2317.
