The pound sterling briefly accelerated the declines intraday. However, price quickly reversed the gains following a test to the lower support level at 1.2277, just a few pips higher.
The sideways range between 1.2485 and 1.2277 will most likely continue for GBPUSD.
Unless there is a strong breakout, we do not see much progress in the near term.
For the moment, the minor resistance level at 1.2423 will be the short term target.
