The pound sterling is looking to break out from its range as price slipped from the lower range on Friday.
The declines below 1.2260 level could indicate a move lower.
However, the intensity in the breakout remains weak, putting to question the downside bias.
With the Stochastics oscillator likely to turn higher, we suspect this could be a fake breakout lower.
Expect GBPUSD to move back into the range, unless prices drop further below from 1.2260.
