The British pound sterling is down over 0.7% intraday as price failed to capitalize on the gains from earlier sessions.
As a result, GBPUSD is trading back below the 1.3000 handle.
A continuation to the downside could see a move back to the 1.2750 level.
But given the current scenario, we expect price action to remain range-bound and volatile.
A bearish close on the daily could potentially confirm further downside.
This will make the 1.2750 level of support a critical level.