The pound got under pressure after ratings cut by Fitch. Coronavirus headlines, lockdown, BoE's action, economic data – all this should limit the pound's upside movement.
The main scenario is a decline towards 1.2200.
An alternative scenario assumes a recovery move to the 1.2600 resistance.
The pound may fall to the 1.2200 mark if the US dollar overcomes 1.2350.
A convincing break through the 1.2450 hurdle is likely to accelerate recovery back towards 1.2600.