The British pound sterling is extending declines for the second consecutive day. The sterling was trading above 1.3400 earlier this week but has given back the gains.
At the time of writing, GBPUSD is trading near the 1.3300 level. This is the first time that the currency pair is testing this level for support in recent months.
If the support holds, the upside bias could remain as a potential reversal will keep the bullish bets alive.
However, if GBPUSD loses the 1.3300 handle, then we could see price action entering the previous sideways range of trading between 1.3300 and 1.3122.