Sterling sits a little below the mid-point of its two-month trading range after dropping back from levels near 1.2700 at the start of the week. 

Short-term trend momentum is leaning bearish but there are signs of firm support on dips to the low 1.2600s on the intraday chart. 

Spot gains need to extend through short-term resistance at 1.2680/1.2685 in the next day or so to allow the Pound to strengthen and regain the mid/upper 1.2700s.