A substantial looking support level is the next target for sellers
The break of 1.2300 puts us within range of a level broken in January, that then found support.
GBPUSD daily chart
The area also happens to hold the 61.8 fib of that Jan move higher. You can't get in the way of central bank moves but levels like this are clues as to how much traders are willing to push that trade. In the case of the Fed and the dollar it could be a key line in the sand.
With Brexit woes still front and centre, we might be too close to avoid testing it out, and a break could mean a swift trip down to the low 1.21's.
