GBPUSD pulls back ahead of a possible correction

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The Pound sterling gave up some of the gains from the previous sessions as prices are starting to move lower.

However, ahead of the correction, expect a possible lower high to form.

Friday’s price action sent GBPUSD down to the minor support area near 1.2516.

This resulted in prices bouncing off the support.

Therefore, we could see a move back, in an attempt to reclaim the declines.

However, the larger bias is to the downside if the 1.2643 level holds up. A breakdown below 1.2516 could see GBPUSD correcting to 1.2368.

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