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The pound sterling is posting modest gains after prices briefly slipped below the 1.2100 psychological level of support.

The downside bias is towards 1.1950 and this little recovery could see a retest of 1.2277.

This level previously held on technical support before breaking down lower. Therefore, we could expect GBPUSD to recover back to this level.

If resistance is formed at 1.2277, we could see further downside in GBPUSD.

However, the initial target will be at 1.2100 followed by a move to 1.1950 eventually.

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