GBPUSD chart analysis

During the Asian trading session, the pound made smaller gains against the US dollar. Our obstacle is still the 1.22000 level, and the pair still holds slightly below. We are in a pullback for the second day in a row after Monday's attempt to climb above the 1.23000 level. For now, the pound has formed a new lower low and a new lower high. Based on that, we could see a continuation to the 1.21000 support level. Additional support at that level is the MA200 moving average. A break below the pound would send us into a longer-term bearish trend. We need a positive consolidation and growth above the 1.23000 level for a bullish option. If we stayed above, we would have a chance to continue on the bullish side. Potential higher targets are 1.22500 and 1.23000 levels.