Sterling breaks to the downside from its range

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The pound sterling is looking to break out from its range as price slipped from the lower range on Friday.

The declines below 1.2260 level could indicate a move lower.

However, the intensity in the breakout remains weak, putting to question the downside bias.

With the Stochastics oscillator likely to turn higher, we suspect this could be a fake breakout lower.

Expect GBPUSD to move back into the range, unless prices drop further below from 1.2260.

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