GBPUSD Likely to Settle into a Sideways Range

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The British pound sterling is trading soft on Monday with price action supported above the 1.3122 level.

For the moment, the sideways range is likely to persist with the 1.3300 level coming in as resistance.

A sideways consolidation between these levels will likely see the potential for further gains and the uptrend to resume.

However, the cable will have to make strong gains above the 1.3300 handle to confirm the continuation.

To the downside, a close below the 1.3122 could see the pound sterling extending declines to the 1.3000 handle once again. The Stochastics oscillator is for the moment, positioned to push into the overbought levels.

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