Pound/dollar has dropped below the 100 Simple Moving Average on the four-hour chart and also trades below the 200 SMA. However, it is holding above the 50 SMA and enjoys upside momentum.
Resistance awaits at 1.2275, the daily high, followed by 1.2335, a stepping stone on the way down in mid-May. The recent peak of 1.2360 is a strong cap.
Support awaits at 1.2205, Thursday’s swing low, followed by 1.2160, the weekly trough. Further down, 1.2080 awaits sterling.