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The GBP/USD pair dropped as the Dollar Index rallied in the short term. It was trading at 1.2166 at the time of writing above 1.2141 today's low. The currency pair tries to come back higher as the DXY reached a resistance level. Only DXY's further growth should push the GBP/USD lower.
Fundamentally, the US data came in mixed earlier. The Final GDP registered a 1.6% drop versus the 1.5% expected, while the Final GDP Price Index rose by 8.2% exceeding the 8.1% estimates. Also, don't forget that Fed Chair Powell and BOE Gov Bailey's speeches could bring more volatility and sharp movements.
Technically, the GBP/USD pair was trapped between the 1.2324 and 1.2165 levels. Its failure to make a new higher high signaled a downside breakout from this range. As you can see on the H1 chart, the rate dropped below this downside obstacle and now it tries to retest this key level.
Personally, I've drawn a minor downtrend line. As long as it stays under this line, the GBP/USD pair could drop deeper.
The valid breakdown below 1.2208 signaled a potential breakdown below the 1.2165 critical support as well. The current 1.2165 retests could announce more declines. A false breakout above this level and a new lower low, a bearish closure below 1.2141 could open the door for a larger drop and could bring new short opportunities with a potential downside target at 1.2100.
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