GBPUSD breaks out of range, will the declines resume?

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The British pound sterling is looking to finally emerge from the sideways range.

This comes after price was trading below the lower support level of 1.2277.

A strong close below this level on a daily basis will confirm further declines.

There is also a head and shoulders pattern forming on the daily chart with the neckline support at 1.2277.

Thus, a close below this level will see the immediate downside to 1.2000 and potentially to the previous support area of 1.1878.

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