The British pound sterling made some early gains intraday.
Prices tested the 1.3300 resistance level for the first time since early September.
However, prices were rejected sharply near this level resulting in a prolonged decline.
If the current bearish momentum continues, we expect to see further declines. This will put the 1.3122 level being tested for support again.
There is a very good chance that the GBPUSD will trade flat within the said levels for the near term.
