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The British pound gave up the gains on Wednesday to close lower below the 1.3122 level.

Earlier in the week, cable managed to rise sharply higher after breaking this very price level.

A close below the technical resistance saw price action briefly rising back to test this level.

But with prices being rejected sharply, the downside is looking more likely.

The next key level will be the previous range near 1.3000. As long as this level holds, GBPUSD could still see some upside.

However, if cable loses the 1.3000 floor, we expect further declines in the near term.

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