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The pound sterling is seen holding its ground against the US dollar. Prices are up a modest 0.14% as the cable attempts to test the 1.2516 resistance level.

The cable initially pulled back after testing this level just last week. A successful breakout above 1.2516 could open the way for the currency to rise to 1.2643 thereafter.

To the downside, the swing low near 1.2437 will keep the cable from posting further declines for now.

A break down below this level will of course accelerate the declines back to the 1.2344 level of support.

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