The pound did it

Surprisingly, but fact - the pound found strength for growth. The British currency opened the new week with a gap, collapsed against the dollar to a mark of 1.2154. However, by the end of the day, taking advantage of the weakness of the dollar, the pound has returned to the resistance of 1.22. Market participants still do not believe that the pound is able to compensate the decline and to recover above 1.24. Fears of fierce Britain from the EU-ended output procedures, significantly increased risks of inflation exceeding the target value of 2%, the drop in GDP, as well as the continuing catastrophic pace of capital outflows remain for pound status as the main market outsider. Today we are expecting the data on inflation in the UK. Considering that 23 June the British currency fell by more than 15%, it can be assumed that the consumer price index will overwrite the multi-month highs. If these assumptions are justified, the consumer activity in the country will be threatened, provoking even greater loss in the national currency.
Recommendation on GBP/USD: Sell, TP - 1,20, SL - 1,23.