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The British pound sterling is attempting to close bullish for the second consecutive day.

The gains come following the strong bearish decline earlier this week.

Overall, from the medium-term outlook, GBPUSD continues to remain range-bound.

Price action is caught within the 1.3000 level of resistance and the 1.2750 level of support. The current retracement also coincides with the breakout from the minor rising trend line.

But if the GBPUSD manages to close above the 1.3000 level, this will be invalid.

For the moment, the bias remains to the downside with the 1.2750 level of support likely to put a lid on the GBPUSD taking on more losses.

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