The British pound sterling is caught range-bound within the levels of 1.2485 and 1.2277.
However, amid this consolidation, price action is posting a bearish head and shoulders pattern as the minor neckline support level at 1.2423 holds prices from declining further.
If the current move higher fails to breakout convincingly, then a retest of the neckline support at 1.2423 could see a bearish move.
This puts the downside target to the lower end of the range at 1.2277.
Despite the decline, GBPUSD will likely remain range-bound within the said levels.