GBP/USD finds decent support near the 1.2900 mark and rebounds over 70 pips from lows. The USD struggled to capitalize on the post-FOMC recovery move and helped gain traction. Some positive Brexit developments further underpinned the British pound ahead of the BoE. The GBP/USD pair managed to recover the early lost ground and was last seen trading near the top end of its daily trading range, around the 1.2970-75 region. The pair witnessed some selling through the first half of the trading action on Thursday and extended the previous day’s retracement slide from the key 1.3000 psychological mark, or weekly tops. The US dollar added to the post-FOMC recovery move and got an additional boost from weaker global risk sentiment. This, in turn, was seen as a key factor exerting pressure on the GBP/USD pair. The greenback, however, failed to preserve its gains, instead met with some fresh supply at higher levels and assisted the GBP/USD pair to find decent support near the 1.2900 round-figure mark. The pair bounced over 70 pips from daily lows and was further supported by reports that Britain offered tentative concessions on fisheries in trade talks with the European Union last week. The latest comments by the European Union’s Brexit negotiator Michel Barnier further added to the optimism and underpinned the British pound. Barnier was noted saying that the UK’s move on fisheries is a glimmer of hope and he still believes that a deal is possible. Meanwhile, the upside seemed limited ahead of the key central bank event – the BoE monetary policy update. The UK central bank is not expected to change its policy settings but provide signals to add more stimulus to support the economy from a possible Brexit shock. Hence, the key focus will be on the accompanying statement, which, along with the incoming Brexit-related headlines, will influence the near-term GBP price dynamics and provide a fresh directional impetus to the GBP/USD pair. Technical levels to watch 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 BoE Preview: Trio of troubles to result in a concerned message FX Street 2 years GBP/USD finds decent support near the 1.2900 mark and rebounds over 70 pips from lows. The USD struggled to capitalize on the post-FOMC recovery move and helped gain traction. Some positive Brexit developments further underpinned the British pound ahead of the BoE. The GBP/USD pair managed to recover the early lost ground and was last seen trading near the top end of its daily trading range, around the 1.2970-75 region. The pair witnessed some selling through the first half of the trading action on Thursday and extended the previous day's retracement slide from the key 1.3000 psychological mark, or weekly… 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.