GBPUSD on Track to Retest 1.3000

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The British pound sterling was trading flat for the most part on Wednesday, but price action turned bullish toward the late European session.

At the current pace, the cable is likely to test the 1.3000 handle. This will mark another retest of this level which previously served as resistance.

As a result, we could see the GBPUSD holding on between the 1.2750 and 1.3000 region in the near term.

Only a breakout from this range could determine the direction.

For the moment, the bias remains mixed while at the same time, the lower support area near 1.2750 remains vulnerable.

A break down below this support could possibly accelerate the declines in GBPUSD as it targets the next support area near 1.2516.

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