$GBPUSD on 1 Hour Chart

The British Pound is on free-fall Tuesday as the Dollar re-gains its upward momentum. Weak Halifax house prices and weak BRC retail sales in the European Trading session adds to the downward move of the Cable. RSI indicates a lack of strength ahead, however the pair likely to have a near-term support in the zone between 1.2264 and 1.2367 (current level) as indicated by the rectangle.

Near-term bounce within the range possible before leap down or a reversal.

Next support lies at 1.1987, while upside resistance has been set 1.24, 1.25 and so on up until 1.27 (yearly highs so far) levels from recent daily observations. Currency pair with enormous volatility and trading opportunities.