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The British pound extended its declines on Friday as price action settled near the 1.2368 level.
The decline to this level confirms the correction that has been underway.
For the moment, prices might consolidate. The upside level near 1.2516 is yet to be tested for resistance.
Therefore, the rebound in price action could see a sideways range forming.
Alternately, if GBPUSD drops below 1.2368, then we suspect a move even lower. The next price level of interest is at 1.2234.
This will bring GBPUSD back to 28 May lows. It will also see price action fully erase the gains made from the May 28 lows to 10 June highs.
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