The pound sterling failed to capitalize on the gains in the earlier sessions.
This has pushed GBPUSD back below the key price level of 1.2485.
Given that this is the upper end of the previous range, there is scope for prices to consolidate at this level.
But further declines below 1.2485 could signal a move back into the range.
This holds as long as prices remain within the lower range of 1.2277.
The Stochastics oscillator could, however, signal a move to the upside if the bullish momentum picks up.
