The pound sterling’s attempt to break out above the key resistance level near 1.2643 was met with a strong rejection of prices once again.
Price action is trading lower following a failed attempt to break out above this level.
As a result, GBPUSD remains confined to the range between 1.2643 and 1.2516.
A strong breakout from this range is needed to set the direction for prices in the next leg.
For the moment, if the declines continue, the lower end of the range will likely be challenged.