The British currency weighed down by major economic events which include renewed hard Brexit fears together with the UK Mortgage Approvals data that presented lesser than expected result.
Meanwhile, the 1.23 handle was unable to regain after series of attempts. The price rebounded the level and pointed southwards. The greenbacks started to lure buyer’s interest generally. The cable pair moved near the 1.22 support before the New York session.
As indicated in the 1-hour chart, the price rebounded against the 100-EMA and persist to go southwards as it breaks the 50-EMA towards a lower point. Moving averages resumed its bearish trend as shown in the same price chart. Resistance highlighted the 1.2300 region, support touched the 1.2200 level.
The MACD histogram is consistent to be on the same level which implies seller’s strength. RSI hovered in the oversold territory.
The forecast showed that a move below the 1.22 level would trigger for another downside pressure. Sellers are able to lead the sterling under the 1.2150 mark.