GBPUSD retreats off the upper range boundary

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The British pound made a steady gain, rising to the upper end of the range at 1.2485.

Into Friday’s close, prices were retreating lower. Failure to breakout above 1.2485 could keep the currency pair range-bound.

However, a lot will depend on how price action unfolds from here. Above 1.2485, GBPUSD will be testing the 1.2858 level of resistance to the upside.

Alternately, we could expect prices to drift back lower to the 1.2277 which marks the lower end of the range.

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