According to Karen Jones, analyst at Commerzbank, GBP/USD pair remains under pressure and is now approaching 1.2108, the 78.6% retracement of the entire move up from the 2016 low.

“The 1.2108 level guards the 1.1988 January 2017 low and the 1.1491 3 rd October low (according to CQG). Intraday rebounds are indicated to be likely to hold in the 1.2350 are. It stays negative while contained by 2 month downtrend at 1.2504 today. Above the downtrend this would introduce scope to the 55 day ma at 1.2616 and the June high at 1.2784. A rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).”