GBPUSD – Break of pivotal supports risks further weakness

Fresh leg lower extends into third straight day, with increasing downside risk seen after break of pivotal supports at 1.2170/22 (trendline support / Oct 13 former higher low).

Close below 1.2122 to confirm signal and expose targets and key near-term supports at 1.2037/00 Oct 4 new multi-month low / psychological).

Daily chart studies are bearish, as south-heading 14-d momentum is going deeper into negative territory and moving averages remain in bearish setup, adding to weakening near-term structure, though bears may face headwinds from oversold conditions.

Upticks should be capped under broken bull trendline to keep bears in play and offer better selling opportunities.

Res: 1.2145; 1.2169; 1.2203; 1.2260
Sup: 1.2074; 1.2037; 1.2000; 1.1915