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.