FX.co ★ GBP/USD update for August 12, 2022 - Breakout of the key support

Technical analysis:

GBP/USD has been trading downside and there is the breakout of the important support level, which is good sign for further downside continuation.

Trading recommendation:

Due to the breakout of the very important support at 1.2182, I see further bigger drop.

Watch for potential selling opportunities on the rallies with the downside objectives at the price of 1.2130 and 1.2070.

Stochastic is showing downside reading, which is another sign of the weakness on the GBP

Key resistance is set at the price of 1.2245