The British pound sterling has declined for the past three sessions. However, price action on Wednesday could possibly see a flat close.
A Doji formation following three days of strong declines could offer some rebound in the near term. But with price action trading below the 1.2750 handle, this could also accelerate the declines.
The next big support level for the GBPUSD comes near the 1.2516 region.
However, as the Stochastics oscillator stays heavily oversold, a rebound could be on the cards.
Still, despite any modest retracements, GBPUSD is likely to trade soft as far as the upside is concerned.