Sterling retreats off 1.2485 resistance

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The pound sterling rose to a 6-day high hitting intraday highs of 1.2518 before giving back those gains.

This comes as prices reversed near the upper end of the range at 1.2485.

If the bearish momentum continues, we expect GBPUSD to push lower.

This will ensure that the pound sterling continues to consolidate within 1.2485 and 1.2277 levels.

This could of course change if there is a strong breakout from either of these levels in the near term.

GBPUSD has been caught within these levels for nearly six weeks.

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