The GBPUSD failed to trade higher despite a strong upward move early in the trading session yesterday.
The price climbed strongly to reach the 1.2080 price level but reversed strongly lower again as the DXY recovered in strength. A skewed head and shoulder pattern was also formed, which could indicate further downside momentum.
Currently, as the GBPUSD trades below the round number price level of 1.20, a continuation to the downside can be anticipated, especially if the price breaks back under the bearish trendline.
However, moves to the downside could be limited with the support level at the 1.1920 key support level.