GBP/USD selling resumes, targets 1.2230 – key support

The bearish pressure behind the GBP keeps intensifying as we head into mid-Europe, knocking-off GBP/USD to fresh daily lows near 1.2260 region.

GBP/USD slips once again on BOE comments

The cable failed to sustain above 1.23 handle once again and came under aggressive selling pressure over the last hour, with markets digesting latest comments from BOE policy- makers Saunders and Kashyap, while they testify before the Treasury Select Committee (TSC).

Moreover, the US dollar extends its upward rally against its major peers, further exerting downside pressure on the GBP/USD pair. Markets now await the US LMCI data for further momentum on the spot.

GBP/USD Levels to consider            

The pair finds immediate resistances placed at 1.2386 (daily pivot), 1.2433 (5-DMA) and 1.2500 (round number). While supports are lined up at 1.2230 (key support) and 1.2200 (round figure).