The pound sterling gave back the gains from earlier in the week to push lower. However, price action found solid support near the 1.2516 level, marking a double bottom pattern.
This could potentially mean that GBPUSD might be looking to break out from its range. The positioning of the Stochastic oscillator also lines up to this view.
The minimum upside target is 1.2770 from the double bottom pattern.
This will be a few points shy off the 1.2813 resistance level, but we could expect the momentum to push the cable to test this resistance area.