The British pound sterling failed to breakout above the 1.1300 handle. As a result, price action reversed gains and is pushing lower.
The BoE is scheduled to meet today and dovish rhetoric from the central bank could push prices even lower.
For now, the GBPUSD is trading within 1.3000 and 1.2750.
Given that the GBPUSD failed to test the lower support at 1.2750 previously, we expect a test of this level.
To the upside, it is unlikely that the GBPUSD will be able to breakout past the 1.3000 resistance level for the moment.