GBPUSD (1.2791): The pound sterling posted sharp declines and price action is seen falling back below the 1.2808 level. The sharp fall in the sterling was one of the worst since the Brexit outcome in 2016. The decline back to the level and the support area indicates that price action could remain muted in the near term. We expect the GBPUSD to maintain a sideways range within 1.2808 and 1.2683. However, this time, there is scope for the GBPUSD to fall further and test the 1.2683 level of support.
