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The British pound sterling made modest gains as price action is now trading back above the 1.3122 level once again.

With support forming at this level, we could expect to see further gains. For the moment, GBPUSD will need to break out above the previous highs at 1.3262.

This will then open the way for GBPUSD to rise toward the 1.3300 level next.

To the downside, as long as the support at 1.3122 holds, we could see prices drifting sideways.

But in the event that GBPUSD loses this handle, we could expect to see a move back closer to the trend line.

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