GBP/USD daily - The pound looks to continue its slide lower, though support is below

Technicals

From a technical aspect, the pound still remains under pressure against the dollar. Tough resistance above sits at 1.2570 (white downtrend line). Until this level is clearly broken on a daily timeframe would this change the outlook to a more neutral stance. A break above here would take the pound towards 1.2657 and then 1.2988, though in order to see this, inflation would need to cool down and the Russia/Ukraine tensions would need to ease.  Towards the downside, initial targets/support regions are 1.2427 followed by 1.2317 and then the final support at 1.2159. A break below here could take the pound down to 1.20 very quickly, which cannot be ruled out. Inflationary US figures will be released today at 1.30 PM UK time.

Summary