Pound Sterling Pares Gains

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The British pound sterling is following suit with its other peers.

Following the strong gains on Wednesday, the cable is pulling back on Thursday.

The declines put the GBPUSD back below the 1.3122 level of resistance which it managed to rise above earlier in the day.

The current scope of declines could see price testing the 1.3000 handle once again.

However, the local swing high formed near the 1.3066 level could hold for now.

This will keep price action in the GBPUSD somewhat tight ranged for the moment.

Despite the current declines, the overall bias in the GBPUSD remains to the upside.

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