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In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, Cable could shed further ground and visit the 1.2900 zone.

Key Quotes

GBP/USD charted an outside day to the downside on Friday and it is possible that it will react back to its 1.2902 uptrend near term. This will need to hold for scope for a deeper recovery to the 1.3285 Fibonacci retracement to be seen.”

“The market is currently underpinned by the 1.2902 uptrend and the December low at 1.2908. Failure here would put the 200 day moving average at 1.2690 back on the plate. We have no strong bias.”