The quid is still looking weak after continually failing to gain 1.2200
The price action is proving that the seller want to keep the upper hand in this pair and they're not giving buyers a chance to get a foothold up above.
The failure to hold above 1.2200, nor even get close to challenging the broken 1.2250/60 area means that we're heading lower.
GBPUSD H1 chart
1.2130/35 is the next support level but it's not the strongest looking in the world but we messed around there back in early Jan as both support and resistance. We should see more support down to 1.2120 and 1.2100. Get under 1.2085/90 and things could get even more interesting as we'll be eyeing the Jan lows.
Above, the 15m chart isn't showing clearly where resistance is building but 1.2170/75 is looking like the number for now, and if not there then the 1.2185/90 level looks more likely. 1.2210/15 is what we would need to see break to cement any move above 1.2200.
