The Pound sterling fell over 1% intraday. Prices touched down to the lower end of the range at 1.2277 before rebounding slightly.
As long as this level holds, we expect prices to remain range-bound.
The upside bias will only build up a strong breakout above the 1.2485 resistance level.
But, given that prices previously failed to build upon the bullish breakout, price action could remain a bit conservative for the moment.