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In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, Cable looks supported by the 1.2929/08 region.

Key Quotes

GBP/USD saw a strong recovery from just ahead of its 1.2929 uptrend near term. While this holds it maintains scope for a deeper recovery to the 1.3285 Fibonacci retracement. The market is currently underpinned by the 1.2929 uptrend and the December low at 1.2908.”

“Fibonacci resistance at 1.3285 is considered to be the last defence for the December high at 1.3515.”