Buyers are just refusing to step in even though the sell-off in the GBP/USD pair appears to have stalled. Dips below 1.22 are being bough into but the demand isn’t seen above 1.23 levels, thus gains have been limited.
Overall, the price action is sure to raise caution, however, the weekly chart still suggests the potential for a corrective move exits.
On the weekly chart, we see back-to-back inside candles. Inside candles at the bottom of the 2-year long downtrend suggests corrective rally ahead.