Adds word to headline
It's hard to see the pound escaping the current Brexit constriction.
Market flow is increasing on the sell side and no news appears as negative as bad news.
Stalling around the 1.2800 level suggests those looking to get in on the bear trend might see better entry levels, but getting too greedy could mean missing the train.
The Brexit drama is likely to overshadow other key sterling factors.
A UK budget announcement and Bank of England meeting next week would have to contain major surprises to shift the focus from Brexit.
Its impact on the UK's credit rating is a clear risk and S&P and Fitch might release updates later today.
Technically, the pound is in trouble with a bear month likely, a major down week and August 1.2662 low calling.
Daily action is below the lower 30-DMA bollinger, 1.2855, and this could bring about a squeeze back inside the bollinger envelope, providing those better entry levels.
GBP/USD Daily Chart: Click here