The British pound sterling closed with losses for the second consecutive daily session. This follows the rejection after price attempted to breakout above the 1.3122 level of resistance.
If the current bearish momentum continues, then the GBPUSD might extend losses down to the 1.3000 level once again.
The sideways range between these levels could, however, lead to a breakout in the short term.
The Stochastics on the four-hour chart is slowing moving into the oversold levels. This could potentially signal a turnaround in prices.
On the daily chart, we see a divergence as price approached the 1.3122 level earlier this week.
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