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The British pound sterling failed to hold on to gains above the 1.3000 level.

After a brief test of the 1.3122 level, price action eased back to settle below the 1.3000 handle on Wednesday.

As a result, we could see continued declines in the near term.

For now, the minor support near 1.2860 is holding on. But a break down below this level could see the GBPUSD accelerating declines down to the 1.2750 level of support.

The Stochastics oscillator on the 4-hour chart is also pointing lower, suggesting the higher likelihood of a decline to this level.

Meanwhile, price action remains rather flat with Wednesday’s price action giving up most of the gains made from the previous day.

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