GBP/USD has crossed below 38.2% Fibonacci retracement level of 1.2340 and currently it's holding below this level at 1.2280. Cable can further drop lower towards the 50% Fibo level at 1.2270 and it's right on spot. Today 1.2270 is a crucial level, and below this, the GBP/USD my trade bearish until 61.8% Fibonacci retracement level of 1.2195.