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The British pound sterling managed to make some very modest gains on Tuesday.

Price action was steadily rising only for the gains to be capped near the 1.3122 level once again. This could potentially see the pound sterling pushing back lower.

The lower end of the range is near the 1.3000 level of support. We could expect this support to hold.

If prices consolidate within the said levels, then it potentially raises the upside bias, given the bullish momentum.

However, we could expect to see a strong correction if GBPUSD gives way near the 1.3000 level.

The next main support area is near the 1.2750 handle.

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