Currently, GBP/USD is trading at 1.2196, up 0.08% on the day, having posted a daily high at 1.2204 and low at 1.2136.
GBP/USD is up to test the 1.22 handle on a subdued start to the week in US markets. Stocks are starting to sell-off though, making fresh lows and the DXY follows suit. Meanwhile, The UK High Court is expected to announce its ruling this week after today's several hours of debate went by in court without any conclusions. " The greater the role of that the High Court insists on for Parliament, the more hard Brexit may be tempered," explained analysts at Brown Brothers Harriman. " In turn, this could help spur a short-covering recovery of sterling."
Current price is 1.2197, with resistance ahead at 1.2204 (Daily High), 1.2206 (Daily Classic PP), 1.2207 (Hourly 100 SMA), 1.2241 (Weekly Classic PP) and 1.2245 (Daily Classic R1). Next support to the downside can be found at 1.2175 (Hourly 20 EMA), 1.2168 (Yesterday's Low), 1.2156 (Daily Open), 1.2149 (Daily Classic S1) and 1.2136 (Daily Low).