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The British pound sterling is down over 0.7% intraday as price failed to capitalize on the gains from earlier sessions.

As a result, GBPUSD is trading back below the 1.3000 handle.

A continuation to the downside could see a move back to the 1.2750 level.

But given the current scenario, we expect price action to remain range-bound and volatile.

A bearish close on the daily could potentially confirm further downside.

This will make the 1.2750 level of support a critical level.


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