The pair is making a run back below 1.2000 for the first time since the end of November, after having retreated from 1.2400 all the way back to testing the key mark as well as the 200-day moving average (blue line) towards the end of last year.
Right now, the dollar is seeing a strong bid in European morning trade and that is shoving GBP/USD lower as sellers look to make a play and establish the next downside leg.
The drop will have to take out the 23.6 Fib retracement level of the swing higher since the end of September though, which is seen roughly at 1.1953 (this will differ on your chart based on the low).
To be more comfortable, a break below 1.1900 will be a good safety net for sellers to chase a further move to the downside - targeting the 100-day moving average (red line) next potentially.
For now, it is early days and flows are dominating to start the new year. But the charts are still your best bet to try and make sense of things and lean on key risk levels in search of any opportunities.
