The GBPUSD currency pair is near a two-week high.
After clearing the price level near 1.2277, price action is having an upside bias.
The next target is at 1.2424, marking a strong resistance level from earlier attempts.
As a result, GBPUSD might settle into a sideways range. A close above 1.2424 will, of course, mark a full recovery from the slump which began in early May this year.
The declines to the downside are limited for now, as long as 1.2277 holds up.