The pound sterling maintains a bearish trend as price action closed near a three-week low on Friday.

The declines came amid consistent lower highs forming since 16th June. Price action is now testing the price level near 1.2444.

Given that this level was previously tested, there is scope for a pullback.

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However, if the bearish momentum continues, GBPUSD might extend the declines even lower.

For now, the bearish outlook remains as long as price is below the falling trend line.

To the upside, immediate resistance can be seen at the 1.2516 level on a successful breakout of the trendline.


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