The GBP/USD pair on Wednesday reversed an early dip to the 1.2770 region and rallied over 100 pips intraday, extending its recent recovery from four-month lows set last Friday. Haresh Menghani from FXStreet analyzes the cable from a technical perspective. Key quotes “The cable’s repeated bounce from the vicinity of mid-1.2700s might have already negated the possibility of any further downfall. However, it will be prudent to wait for some follow-through buying beyond the 1.2900 round-figure mark before positioning for any further appreciating move.” “Above the 1.2900, the pair is likely to surpass the 1.2945-50 intermediate hurdle and aim back towards reclaiming the key 1.30 psychological mark. The latter coincides with 50-day SMA and should act as a key pivotal for the pair’s next leg of a directional move.” “On the flip side, the 1.2850-45 region now seems to act as immediate support, which if broken might turn the pair vulnerable to slide back towards the 1.2800 round-figure mark. Any subsequent weakness might continue to attract some dip-buying and remain limited near the 1.2740-25 region.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ripple Price Prediction: XRP/USD bulls struggle at $0.2400 – Bitcoin confluence FX Street 3 years The GBP/USD pair on Wednesday reversed an early dip to the 1.2770 region and rallied over 100 pips intraday, extending its recent recovery from four-month lows set last Friday. Haresh Menghani from FXStreet analyzes the cable from a technical perspective. Key quotes “The cable's repeated bounce from the vicinity of mid-1.2700s might have already negated the possibility of any further downfall. However, it will be prudent to wait for some follow-through buying beyond the 1.2900 round-figure mark before positioning for any further appreciating move.” “Above the 1.2900, the pair is likely to surpass the 1.2945-50 intermediate hurdle and aim back… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.