Looking at the GBP/USD chart, we can see its two attempts to break the 1.24 level and reverse the disastrous downtrend lasting for the past few weeks but with no success. After briefly moving towards the 1.24 on May 12 for the second time, there was an immediate negative reaction and a retraction below its support level of 1.227, falling to the 1.216 range where it temporarily found support. It was last found trading at 1.221, with 1.227 now acting as the closest resistance level.
Today we can expect a move below the 1.216 support level. However, if it manages to hold on to the current level, we could expect a move close to the 1.227 closest resistance level.
