GBP/USD breaks below 1.2200 as GBP tumbles in the market

GBP/USD extended the decline and broke below 1.2200. The pair dropped further and printed a fresh low at 1.2147. Stop orders were executed below 1.2200 favoring a bearish acceleration. 

Cable remains near the lows, under pressure, down more than 200 pips for the day. The recent slide was triggered by a decline of the pound across the board. The currency remains affected by “hard Brexit” fears. 

Today’s loss for cable is the fourth in a row and the sixth out of the last seven days. From the level it had a week ago is 600 pips lower. 

GBP/USD technical levels 

To the downside support now could be seen at 1.2145/50 (daily low) and then 1.2100 (psychological). To the upside, 1.2200 has now become the immediate resistance followed by 1.2325 (American session high) and 1.2375 (daily high).