The British pound sterling closed on a flat note on Friday, following the declines on Thursday.
Price action remains range bound near the top end of this short term rally. However, failure to make gains above the 1.3122 level keeps price action trading flat in the short term.
The four-hour Stochastics oscillator is trading near the oversold levels. But the bias remains mixed as there is further room to the downside.
This could potentially push GBPUSD lower.
But for the moment, the minor support near 1.2865 could keep prices from falling further.