The British pound sterling continued its descent as prices failed to hold up near the support level of 1.3122.
Failing to rebound, the declines continue with GBPUSD now trading close to the 1.3000 handle.
We could expect to see a modest rebound happening near this level given its round number significance.
Still, the upside looks to be diminishing for the moment. The gains could be met with the resistance level near 1.3122 once again.
Only if GBPUSD can clear this level and possibly rise back above the trend line, can we expect the bullish trend to resume.