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The pound sterling has been mimicking the moves of the EURUSD currency pair.

Price action is on a strong rebound following the declines to the 1.1268 level of support.

At the time of writing, the GBPUSD currency pair is testing the technical resistance area near 1.2526.

A strong breakout above this level will validate the upside momentum. Following this, there is scope for GBPUSD to continue higher and potentially challenge the 16 June highs above 1.2643.

There is also a strong scenario for price action to get caught in a range within 1.2643 and 1.2368.

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