GBPUSD forms a lower high, will this confirm the downside?

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The British pound is trading weaker on the day, offsetting the gains from the previous session.

Price action gains from Monday are at a threat of being erased. However, prices remain choppy for the moment.

The resistance level of 1.2643 is proving hard to break. This led to a downside movement in prices.

We expect the pound sterling to revisit the lower support at 1.2516.

As long as this level holds, GBPUSD might be able to remain in a sideways hold.

A close below 1.2516 will however confirm a move lower to the price level around 1.2368.

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