GBPUSD attempts to recover some of the losses

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The pound sterling fell to a one month low on an intraday basis after the currency pair lost the 1.2277 support area.

Price action is currently rebounding following the declines. But, the gains will likely stall near the 1.2277 level which could now act as resistance.

If the reversal is confirmed here, then we expect to see further declines coming through for GBPUSD.

However, the Stochastics remain very oversold which could give the upside some bounce.

Price action will need to break past the recent lows of 1.2180 to confirm further downside if the gains are capped.

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