Pound Sterling Price News and Forecast: Could GBP/USD move below the 1.216 support level?

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Pound Sterling Price News and Forecast: Could GBP/USD move below the 1.216 support level? By FXstreetNews GBPUSD Technical Analysis

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On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven usd's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in late Feb suggests a major low is made. Despite hit- ting a 3-year peak of 1.4250 on Jun 01, selloff to as low as 1.

. It rallied from the 1.2275 on the 10th of May to the 1.24 and found support at the 1.2325 range until the 12th of May when it attempted to break out from the 1.24 level once again. It failed to do so and what followed was a retraction well below the 1.2275 range, finding support at the 1.216 range. Early on today’s session, it climbed towards the 1.2275, now acting as overhead resistance, and managed to reach the 1.23 but no consolidation was made leading to the fall to the 1.

The pair met with a fresh supply in the vicinity of the 1.2300 mark on Monday and stalled its modest recovery from a two-year low, around the 1.2155 region touched on the last day of the previous week . The incoming UK macro data validated the gloomy outlook for the UK economy and suggested that the Bank of England's current rate hike cycle could be nearing a pause. Apart from this, reports that the UK government is expected to reveal a plan to unilaterally change the Northern Ireland protocol on Tuesday acted as a headwind for the British pound.

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