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The British pound sterling is posting modest gains in an attempt to recover from the slump from the previous three sessions.

Price action is repeatedly being rejected near the 1.3000 level of support.

This puts the short term range within 1.3122 and 1.3000 levels.

We could expect to see a breakout off this range in the near term.

To the upside, above 1.3122, GBPUSD will need to post a higher high to confirm the move toward 1.3300. While to the downside, a close below 1.3000 level could open further declines.

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