Dollar rebounds as GBP/USD takes out support at 1.22

The Pound has just now taken another hit versus the dollar. The GBP/USD has fallen below the noted support at 1.2199 (21 day moving average) and in the process of doing that it seemed so trip a whole bunch of stops too. The move through 1.2199 accelerated rapidly as the US Michigan data hit the screens. The GBP/USD has traded to a low at 1.2190 so far as the USD/JPY rises above 151.50 and the EUR/USD backs off towards 1.0660 again. Earlier the EUR/USD managed to grind its way to a session high at 1.0693 . The GBP/USD is just now bouncing back above 1.22, further endorsing the prospect; that the move below 1.2199 was entirely stop loss driven in the first instance. However, it remains to be seen if it can reverse further and right now that is uncertain