The British pound did not see much movement. Price action is trading somewhat flat for the past two consecutive sessions.
Following the decline of the 1.2516 level, GBPUSD is forming a higher low. Therefore, a retest back to this technical resistance might be possible.
This could also mean that the cable might breakout above this level. Failure to do so could result in prices posting a bigger pullback.
The breakout from the trend line remains the downside target for now.
Below this level, the previous support area at 1.2344 will be the next price target for the cable.