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The British pound sterling’s attempt to rebound was soft with prices now trading sideways intraday.

Overall, GBPUSD remains caught within the 1.2516 and 1.2368 levels. The bias is to the downside for a more firm test of the support area.

But there is a possibility for a higher low to form. This could set the stage for a breakout to the upside.

The Stochastics on the four-hour chart remains in the oversold level, which could suggest a short term move to the upside.

In any case, GBPUSD is poised to hold up if it retests the 1.2368 level of support again.

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