The British pound sterling pared gains as price action has been bearish for the most part on Thursday. This follows the failure to post gains after rising above the 1.3000 handle.
The reversal puts the GBPUSD back near Wednesday’s lows. But a break down below this level could accelerate the declines.
This puts the GBPUSD back on track for a test of the 1.2750 handle. The ongoing Brexit talks are also likely to contribute to the volatility in the GBPUSD.
The stochastics oscillator is seen pushing lower and there is a chance for price action to fall further.
Minor support is seen near the 1.2850 handle, which could hold for the moment.