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The British pound sterling failed to build upon the double bottom pattern from the last price.

While this bullish pattern is not yet invalidated, prices are trading flat.

GBPUSD is stuck within the range of 1.2643 and 1.2516 levels for the moment. Only a strong breakout above 1.2643 will confirm further upside in the cable.

But given the Stochastics oscillator showing signs of a bearish move, we might expect to see a close lower.

A downside breakout from the range might put GBPUSD at risk of erasing the gains from the previous few weeks.

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