Sterling has rebounded from earlier session dip but the Pound still hit new, short-term cycle lows (back to its weakest since late May) and broader price patterns are bearish. 

Trend resistance is capping GBP gains at 1.2400/1.2405. Gains above here in the short run may stabilize the Pound. 

The broader bear trend remains well-entrenched across a range of timeframes which suggests Sterling losses are liable to extend – potentially back to the 1.20/1.21 area.