Pullback on the GBP/USD to the 1.2200 level

The daily chart of the GBP/USD is showing us a possible breakout and pullback pattern around the 1.2200 level. The breakout and pullback pattern happens when an instrument reaches a support or resistance area, breaks it, and pulls back to the same level only to continue in the direction of the initial breakout. In this case we can see how the price of the GBP/USD found a good support around the 1.2200 level, but during this Monday’s session it broke it to the downside. The price came near the 1.2100 level to pull back to the 1.2200 where it has stall for the time being. If the prices bounces to the downside from the 1.2200 level, then the breakout and pullback pattern will be completed and the pair may try to visit the 1.2100 level. But if the price breaks above the 1.2200 level, then it may try to go and visit the 1.2300 level, which could act as resistance.