The British Pound remains in the bear territory as long as price remains trading below 1.24.
The UK may have reached the peak of the coronavirus outbreak yet lockdowns are set to continue.
The March PMI data is key to determine the near-term direction of the Cable.
The global Dollar shortage remains the main driver for this pair, as the path of least resistance remains to the downside.
The Sterling is trading in a bearish counter trend channel, as the bears remain in control in the short-term.
The sellers are currently targeting to test the 1.22 support level, however the bearish narrative would be invalidated if price breaks above the 1.24 resistance level, as well as the 50-period SMA.
Support: 1.22 / 1.2125
Resistance: 1.24 / 1.2550