The pound sterling fell to the lower end of the range at 1.2277.
However, prices caught a bid leading to a quick rebound.
The recovery was not sharp and the GBPUSD is seen once again giving back the gains.
There is a possibility that the currency pair could extend declines lower if it retests the support level once again.
The next downside is at the 1.1878 level for the moment.
To the upside, price action needs to break out above 1.2484 initially to post any further gains beyond this level.
