The British pound sterling closed the week on a slightly more positive note after falling to a two-week low earlier.
As the current rebound is pushing the cable close to this level once again, price action is trading below the 1.3000 handle.
As long as the 1.3000 level holds, GBPUSD is likely to trade subdued. There is a risk of falling further down to the 1.2750 handle.
The weekly charts show strong consolidation taking place as price whipsaws back and forth.
As a result, there is currently no clear trend defined within the short term.