Sterling Gives Back Gains from Previous Sessions

The British pound is trading weaker once again, down over 1.5% intraday.

The declines erase the modest gains from late last week. As price action tests the support area of 1.1477, this level is now at risk.

A break down below this support region could see the GBPUSD falling to fresh lows.

However, watch the Stochastics on the 4-hour chart which could suggest a possible larger correction in the making.

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