Cable has bounced around today. It initially tumbled on US CPI, then short higher it what's looking more like a position-squaring move. Now it's back through the lows of the day as the Nasdaq extends its decline to 2.5%.
The low so far is 1.2272 but the level to eye is nearby at 1.2261. That was Monday's low and also the worst levels since June 2020. Below that is the May 2020 low of 1.2073. There's even talk out there of parity and a test of the double bottom from 2016 and 2020 would certainly put that into play.
Monthly chart:
