GBP/USD was last seen trading a few pips above 1.2700, where the lower limit of the long-term ascending regression channel is located. In case the pair confirms that level as support, technical buyers could show interest. In this scenario, 1.2750 (static level) and 1.2790-1.2800 (mid-point of the ascending channel, psychological level) could be seen as the next resistances.
If GBP/USD fails to stabilize above 1.2700, supports align at 1.2660 (50-period Simple Moving Average (SMA)), 1.2630 (100-period SMA), and 1.2600 (Fibonacci 23.6% retracement of the latest uptrend).
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