The pound, GBPUSD, reached 1.2290-1.2300 zone after US FOMC Meeting and a weak US GDP report. However, the pound has been sold off to make a correction since the start of yesterday’s trading session because Pelosi visited Taiwan news.
The pound is making a correction and it may drop to 1.2080-1.2100 or further to 1.120-1.220.
The pound will be sold off around 1.2260-1.2280 if it goes up to test this zone.
Today, Aug 3 2022, UK PMI report at 8:30 AM London Time is a key event for GBP to go up to 1.2260-1.2280 or it will drop to 1.2080-1.2100 or 1.1200-1.1210