Stay below the 1.2250 level keeps the sellers in control.
The GBPUSD moved higher into the NY session, but found sellers ahead of its falling 100 hour MA (blue line currently at 1.2241 and near a downwward sloping trend line on the hourly chart.
The subsequent run lower has taken the pair below the low for the day at 1.2250. That was near the swing low from April 21 at 1.22464. The 1.2246-50 area is now close risk for sellers. Stay below keeps the seller in firm control. Move above muddies the water on the failed break.
On the downside, the low price today stalled at 1.2209. That was above a swing low going back to April 3 at 1.22024 and the natural support 1.2200. If the sellers are to remain in firm control, getting and staying below the 1.2200 level will be eyed. If so, the swing low from April 7 would be targeted at 1.22619.