Not only the inability to hold recent upside momentum but the UK PM's anticipated final Brexit proposal to the EU shifts market focus to GBPUSD. The pair recently failed to rise past-50-day EMA and is restoring downside towards 1.2200 mark. On its further way south, 23.6% Fibonacci retracement of June-September declines, at 1.2150, might offer an intermediate halt to a slump targeting 1.2100 round-figure.
On the upside, a 50-day EMA level of 1.2345 holds the key to recovery towards 1.2380/90 horizontal area, a break of which could propel prices in the direction to 1.2440 and 61.8% Fibonacci retracement level of 1.2470. Though, September month top nearing 1.2580 could question bulls afterward.