GBPUSD Tumbles But Remains Range-Bound For Now

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The pound sterling is down near 0.60% on the day, erasing some of the gains from the previous few sessions.

The reversal came after the pound sterling failed to breakout above the technical resistance level near 1.2516.

This has pushed price lower as a result. But the declines are limited for the moment.

GBPUSD is likely to find support near the 1.2368 level from which iT recovered earlier on.

However, if price breaks down below this level, it opens the risk for further declines.

The next key support area is around the 1.2250 level marking the 28 May lows.

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