The British pound sterling is trading subdued with price action trading rather flat.
This marks the second daily session following last Friday’s subdued close.
While price action has formed an inside bar pattern last Friday, the current downside isn’t that strong. As a result, there could be a chance of a fake breakout.
The risks remain balanced at the moment.
To the upside, GBPUSD will be facing the 1.3000 level of resistance, while to the downside, the 1.2750 level remains open for another test of support.
We expect this range to break which should perhaps coincide with the results of the US elections.