The pound continues to stay under pressure against the US dollar as recession fears mount.

Technicals

The Pound continues to feel the pressure against the US dollar as recession fears mount higher. From a technical aspect, the GBPUSD pair is very bearish. RSI does currently read 28, suggesting oversold conditions, so a bounce here seems possible, that being said, rallies being faded into seems a reasonable strategy. Initial support for the GBPUSD pair sits at a 1.15 trendline low. Towards the upside, initial resistance sits at 1.20 followed by 1.2180. Unless 1.2250 is broken on a daily time, a grind towards 1.15 seems likely, thus providing potential short opportunities.