GBP/USD touches a session high of 1.2932, recovering from earlier lows around 1.2875-80 at the start of the session
Buyers are establishing some decent momentum at the moment as price tracks back above the 1.2900 handle from lows earlier around 1.2875-80.
Price even broke a minor resistance from the recent trendline resistance but buyers still have more work to do as the near-term bias remains more bearish.
The 100-hour MA (red line) @ 1.2964 will be the key test in that regard but there is some minor resistance around 1.2950-60 as well.
As for downside pressure, the technical picture remains the same:
Sellers will have to pursue a move back below 1.2900 and keep a break of the 100-day MA (red line) in order to chase a move potentially towards 1.2800 next.
