The cable is seeing renewed selling pressure.
Price action is looking to the downside after the break of the 1.2200 handle. Price is now close to the August 2019 lows of 1.2016.
A break down below this level could trigger further declines. However, we suspect some kind of rebound in the near term.
If not, expect 1.2000 as the next support of interest. Given the psychological importance of this level, we expect the support to hold.