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The British pound sterling drifted lower on Monday as intraday prices briefly tested the 1.3000 handle.

However, price action remains volatile around this level.

The Stochastics oscillator is oversold and could signal a short term move to the upside.

Meanwhile, price action is on track to close bearish for the third consecutive daily session. Still, prices remain well within the range from last Wednesday.

As a result, only a bearish close below 1.2944 could spell further declines.

For the moment, the bias remains mixed.

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